BERLIN (Reuters) - Siemens AG (ETR:SIEGn) said Wednesday that the spin-out of its motors and drives business would result in a wholly owned subsidiary named Innomotics and would be largely complete by October 1.
Siemens said it was combining its activities in low- to high-voltage motors, geared motors, medium-voltage converters and motor spindles in a new company, operations which share suppliers, customers and technologies.
"The combined strengths of its individual businesses and the power to act independently will enable Innomotics to unlock significant value for its customers, leverage its growth potential and thus ensure its success," said Ralf P Thomas, chief financial officer of Siemens AG.
Innomotics’ management team will comprise Michael Reichle as chief executive, Christoph Salentin as chief financial officer and Hermann Kleinod as chief technology officer.
The spin-out was first announced in November.
Siemens said Innomotics' operational headquarters would be in Nuremberg, Germany and that it would have around 14,000 employees worldwide and annual revenue of approximately 3 billion euros ($3.2 billion).