Siemens to Sell Electronics Assembly Systems Division to ASM Subsidiary

Siemens AG, Europe’s largest engineering company, said it plans to sell its Siemens Electronics Assembly Systems unit to a subsidiary of ASM International NV.

The unit, which has 1,200 employees and produces equipment for the electronics industry, is no longer considered a core business for Siemens, the Munich-based company said in an e- mailed statement today.

Hong Kong-based ASM Pacific Technologies Ltd. will pay 1 euro ($1.30) for the unit while Siemens will also provide 29 million euros as a “non-refundable cash-payment,” according to a filing by ASM Pacific Technologies distributed through the Hong Kong stock exchange.

Siemens Electronics Assembly Systems had 190.7 million euros in sales for the fiscal year ending Sept. 30, 2009, and a net loss of 151.7 million euros, according ASM Pacific Technologies’s statement.

To contact the reporter on this story: Richard Weiss in Frankfurt at rweiss5@bloomberg.net.

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