Jan. 15 (Bloomberg) -- Siemens AG, Europe's largest engineering company, may sell some real estate holdings and ``non-core'' units including one that makes cordless phones.

Selling real estate, of which a large proportion is production sites, will generate ``three-digit-number'' in proceeds, according to a presentation by Chief Financial Officer Joe Kaeser at an investor conference posted on Munich-based Siemens's Web site today

Siemens may reorganize its Home and Office Communication Devices, Shares Services and some other units with a combined 2.9 billion euros ($4.3 billion) in annual sales. The assets may be integrated with other divisions, sold or closed down, according to the presentation.

To contact the reporter on this story: Kenneth Wong in Berlin at kwong11@bloomberg.net.

Last Updated: January 15, 2008 07:03 EST