Sale of Siemens VDO Automotive Closed
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Munich, 2007-Dec-03
Siemens closed the sale of its former fully owned subsidiary Siemens VDO Automotive AG on Monday. With this move, all shares in the company have been transferred to the buyer, Continental AG. The EU Commission approved the sale last week.
The purchase price for Siemens VDO, agreed upon in July 2007, was around 11.4 billion and included net debt of just under 400 million. Siemens CFO Joe Kaeser said: "The successful closing of this transaction marks an important milestone for strengthening Germany's supplier business for the automotive industry. Continental is getting a successful business with outstanding employees, and their smooth integration will further improve the company's competitiveness in the future."
Siemens AG (Berlin and Munich) is a global powerhouse in electronics and electrical engineering, operating in the industry, energy and healthcare sectors. The company has around 400,000 employees (in continuing operations) working to develop and manufacture products, design and install complex systems and projects, and tailor a wide range of solutions for individual requirements. For over 160 years, Siemens has stood for technical achievements, innovation, quality, reliability and internationality. In fiscal 2007, Siemens had revenue of 72.4 billion and income from continuing operations of 3.9 billion (IFRS). Further information is available on the Internet at: www.siemens.com.
