Siemens to exit from its water technologies unit - sources
According to two sources who were familiar with the transaction, talks between Siemens AG and equity group AEA Investors were in the advanced stage regarding the sale of the former's water technologies business. One of the sources also added that AEA had beaten another private equity investor, American Industrial Partners, in buying Siemen's water technologies unit for USD800 million.
Germany's most-valuable company by market capitalization had been selling off businesses that were not making a profit for the company. Siemens intended to focus on its fossil power generation business and industrial automation business.
The water technology unit was built up via acquisitions from the last ten years. The unit had offered products from emergency water supply, water disinfection systems and conventional water treatment. Its earnings before interest, tax, depreciation and amortization (EBITDA) was in the range of USD70 million to USD80 million as per estimates by bidders.
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