May 4 German engineering firm Siemens AG
is close to finalizing an agreement to sell its
logistics and airports solutions business to a group led by
billionaire investor Wilbur Ross, Bloomberg reported on Sunday,
quoting people familiar with the talks.
Officials at Siemens were not immediately available for
Siemens plans to retain a minority stake in the unit, which
is based in Constance, Germany, to help secure jobs, said the
sources, who asked not to be identified because negotiations are
private, the article said.
Siemens will likely announce the sale as early as this week
and the supervisory board is set to sign off on the transaction
on May 6, one of the sources told Bloomberg.
Plans to sell the 3,500-employee-strong division, which
makes parcel- and baggage-handling systems, were first announced
by Siemens in November 2012. The unit had a "mid-single digit"
profit margin on sales of about 900 million euros ($1.2 billion)
in 2011, Bloomberg said.
(Reporting by Scott DiSavino; Editing by Marguerita Choy)