Siemens AG, the biggest engineering company in Europe, said today that it plans to sell part of its water business that generates about 1 billion euros ($1.27 billion) a year in sales.
The announcement on the day Siemens reported net income from continuing operations fell 2 percent in the quarter ending Sept. 30 comes after the Munich-based manufacturer last month said it was pulling out of the solar business to focus on its core operations.
The Siemens Water Technologies division includes wastewater, municipal and industrial water purification services and membrane filtration systems. The business has 4,500 employees, 3,000 of them in North America and 600 in Asia.
Siemens said it intends to keep its water pump business. The water technologies business was formerly part of U.S. Filter Corp.