July 10, 2019 / 6:36 AM / 11 days ago

Leoni to explore an IPO of its wire & cable solutions unit

MUNICH, July 10 (Reuters) - Leoni is exploring a sale or flotation of its wire & cables division as part of a broader review of the company’s group structure, Chief Executive Aldo Kamper told Reuters.

Leoni will separate its wiring systems division from the wire and cable solutions (WCS) division and explore a partial sale or stock market of the company’s WCS unit.

Leoni shares are up 5.2 percent in early trading.

“We need the proceeds to invest into our wiring systems division,” Kamper said on Wednesday.

Reporting by Alexander Huebner Writing by Edward Taylor Editing by Thomas Seythal

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