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Markets News

Siemens agrees to sell Flender to Carlyle Group in $2.4 billion deal

ZURICH, Oct 29 (Reuters) - Siemens has agreed to sell its Flender mechanical drives business to U.S. buyout group Carlyle Group for 2.025 billion euros ($2.39 billion), the German engineering group said on Thursday.

The sale is the latest step in Siemens’s attempts to slim down its business to focus on factory automation, transportation, and smart buildings after floating its turbines and generators supplier Siemens Energy last month and spinning off its Healthineers division in 2018. ($1 = 0.8461 euros) (Reporting by John Revill Editing by Michelle Adair)

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