Deals
Siemens Sells Motor Unit for €3.5 Billion, China Sales Slump
- Company lowers guidance for key digital industries unit
- Innomotics unit sold as part of shift from heavy equipment
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Siemens AG saw demand for factory-automation products in China weaken further as the German company continued its shift away from heavy-equipment manufacturing with the €3.5 billion sale of its large-motor business.
Siemens kept its overall outlook for the year unchanged but lowered guidance for its key digital industries unit, saying revenue there could decline as much as 8% this year.