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Siemens wants to carve out traffic systems business

ZURICH, Nov 12 (Reuters) - Siemens wants to separate its Intelligent Traffic Systems (ITS) from its mobility business and run it as separately managed company, Deputy Chief Executive Roland Busch said on Thursday.

“As a separate company with a clear focus, ITS can better pursue its growth strategy, shape digitalisation in its industry and actively drive market consolidation,” Busch told a news conference.

“It’s a healthy business with annual revenue of around 600 million euros ($705.84 million) and a compound annual growth rate in orders of 8% in recent years,” Busch said, adding he wanted to complete the carve-out by the end of Siemens’s 2021 business year. ($1 = 0.8501 euros) (Reporting by John Revill Editing by Michelle Adair)