FRANKFURT, Nov 28: German industrial giant Siemens said on Wednesday it had reached an agreement to buy Invensys Rail from the British technology company Invensys for about 2.2 billion euros ($2.8 billion).

Siemens also announced it planned to divest its baggage handling, postal and parcel sorting activities.

“Today's moves are important measures to focus our core activities,” Roland Busch, chief executive of Siemens Infrastructure & Cities said in a written statement.

“We are exiting a non-core business with limited synergy potential while strengthening a resilient and high return business by combining two organisations with similar cultures and attractive synergy potential,” he added.

Invensys Rail, which has revenues of about £800 million (991 million euros), is a leading software based rail signalling and control company and will expand Siemens' presence in the growing global rail automation market, it added.

The deal is subject to approval by Invensys shareholders and regulatory clearances, Siemens said.—AFP

More From This Section

ANALYSIS : Hanging regulators by a thread

One of the many legacies inherited by the Nawaz government from the Zardari rule is ‘acting’. Not meaning...

Sindh millers raise flour prices

KARACHI: The reduction in flour prices by Sindh millers in the first week of this month proved to be temporary ...

Dar orders framing of agriculture policy

ISLAMABAD: Finance Minister Ishaq Dar on Saturday tasked the Ministry of National Food Security and Research to...

Stamp duty collection up

KARACHI: The Sindh government’s income from stamp duty surged by Rs586 million during July-March 2014 to Rs3.9...


Comments are closed.
Explore: Indian elections 2014
Explore: Indian elections 2014
How much do you know about Indian Elections?
How much do you know about Indian Elections?
Cartoons
E-PAPER
Front Page