German industrial giant Siemens said Thursday it will sell its electric motor business Innomotics to U.S. private equity firm KPS Capital Partners for 3.5 billion euros ($3.8 billion).
Its subsidiary, Innomotics, whose motors and other systems are used in a variety of industries including chemicals, petroleum, utilities, and automotive, has approximately 15,000 employees.
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German industrial giant Siemens said Thursday it will sell its electric motor business Innomotics to U.S. private equity firm KPS Capital Partners for 3.5 billion euros ($3.8 billion).
Its subsidiary, Innomotics, whose motors and other systems are used in a variety of industries including chemicals, petroleum, utilities and automotive, has approximately 15,000 employees.
The group said the sale has been approved by its management and audit committees and the transaction is expected to close in the first half of the 2025 financial year.
“We are pleased to have made further progress in optimizing our portfolio by selling Innomotics to KPS,” said Ralph Thomas, Siemens' chief financial officer.
Innomotics was independently established in 2023 as a wholly owned subsidiary of Siemens.
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Siemens announced late last year that it was planning to list Innomotics, but scrapped those plans by selling it to KPS.
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