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Siemens to sell its 50% stake in the Valeo Siemens e-Automotive joint venture -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: This is the logo of German industrial company Siemens, seen in Zurich Switzerland on January 30, 2019. REUTERS/Arnd Wiegmann/File Photo

ZURICH (Reuters – Siemens agreed to end its business. Valeo (PA:) Siemens eAutomotive joint enterprise in a deal that will increase the profits of the German firm by approximately 300 million euros ($342.60 millions), according to the German company.

Siemens stated that Valeo would acquire its 50% stake in the company, and will incorporate it into its powertrain business.

Siemens stated that the positive impact on profit of approximately 300 million Euros will be measured in the second quarter fiscal 2022. The deal is expected to close in July 2022.

($1 = 0.8757 euros)

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