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    SIE   DE0007236101

SIEMENS AG

(SIE)
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Siemens To Carve Out Large-Drives Applications Unit

10/18/2021 | 04:08am EST

By Ed Frankl

Siemens AG said Monday that it will carve out its large-drives unit as it continues its strategy to refocus the group.

The German industrial and technology company will spin off the activities of its Large Drives Applications division, which makes heavy-duty drive systems for ships, mines and mills, into separate legal entities, a spokesman told Dow Jones Newswires.

"We want to give this business additional entrepreneurial freedom so that it can focus more sharply on its markets and customers," the spokesman said.

The statement confirms news first reported by German financial daily Handelsblatt, which said up to 7,000 workers worldwide could be affected, citing unnamed sources.

Siemens had placed the LDA unit in its Portfolio Companies, a group of businesses it seeks to improve or spin off into independent firms.

Siemens didn't give details of the unit's financial performance, but said LDA is "one of the leading suppliers in the market, in a strong position overall and has performed very well over the past months."

It comes as recently appointed Chief Executive Roland Busch continues to realign the company in an effort to refocus on software and digital technology activities going forward.

In recent years, the Munich-based company has listed several major businesses including Siemens Energy, renewables firm Gamesa and its medical-equipment business Siemens Healthineers.

Write to Ed Frankl at edward.frankl@dowjones.com

(END) Dow Jones Newswires

10-18-21 0608ET

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Analyst Recommendations on SIEMENS AG
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Financials
Sales 2022 66 772 M 75 539 M 75 539 M
Net income 2022 6 453 M 7 300 M 7 300 M
Net Debt 2022 35 300 M 39 935 M 39 935 M
P/E ratio 2022 18,3x
Yield 2022 2,80%
Capitalization 118 B 133 B 133 B
EV / Sales 2022 2,29x
EV / Sales 2023 2,14x
Nbr of Employees 303 000
Free-Float 88,0%
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Mean consensus OUTPERFORM
Number of Analysts 23
Last Close Price 146,54 €
Average target price 170,48 €
Spread / Average Target 16,3%
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Managers and Directors
Roland Emil Busch President & Chief Executive Officer
Ralf Peter Thomas Chief Financial Officer
Jim Hagemann Snabe Chairman-Supervisory Board
Hanna Hennig Chief Information Officer
Andreas Christian Hoffmann General Counsel, Head-Legal & Compliance
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