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Friday, February 8, 2013

Siemens to start sale of postal, solar, traffic units -sources, (NYSE: SI)

Siemens AG is set to shortly start the sale of several units as part of its efforts to streamline operations and stay competitive in a weak global economy, people familiar with the matter said.Siemens, which ranks as Germany's second-most valuable company and which makes products ranging from trains to hearing aids, has mandated banks for the disposal of its solar unit, its traffic system operations, as well as its postal automation and baggage handling businesses, they said.The transactions are set to launch in the second quarter, the sources added.The divestments are part of a plan announced last year to shed several units in a bid to focus on its most profitable businesses as Siemens aims to put itself in a better position to compete in core product areas with the likes of Switzerland's ABB and U.S.-based General Electric.

Siemens AG is an integrated technology company with activities in the fields of industry, energy and healthcare. Shares of SI fell by 0.24% or $-0.25/share to $103.03. In the past year, the shares have traded as low as $77.88 and as high as $112.73. On average, 321574 shares of SI exchange hands on a given day and today's volume is recorded at 148163.