Engines – Siemens spins off large drives – Economy

Siemens spins off its motors and large drives business under the Innomotics name. The operational headquarters of the new company with 14,000 employees and around three billion euros in sales will be in Nuremberg, as the group announced on Wednesday. The company is to be legally independent from July 1, but will initially remain a 100 percent Siemens subsidiary. The spin-off should then be largely completed by October 1st.

source site