April 26, 2014 / 12:31 PM / in 4 years

Siemens to sell VAI unit to Mitsubishi Heavy - paper

BERLIN, April 26 (Reuters) - Germany’s Siemens will sell a majority stake in its VAI Metals Technologies unit to Japan’s Mitsubishi Heavy Industries, an Austrian newspaper reported on Saturday citing industry experts.

Siemens will retain a 30 percent stake in the Linz-headquartered company so as to secure its position as a supplier, the Oberoesterreichische Nachrichten reported.

The paper said Siemens would announce the sale on May 7, when the German group is due to give a strategy update and publish second-quarter results.

Siemens declined to comment on the report or to say whether the division, which employs 9,000 people worldwide and provides equipment and facilities for the steel industry, was up for sale.

Austrian investors had also expressed interest in a sale, with Michael Tojner, head of industrial group Montana Tech Components, saying earlier this month he would be interested in the unit.

Mitsubishi could not be reached for comment on Saturday. (Reporting by Victoria Bryan; Editing by Stephen Powell)

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