Siemens will sell VAI Metals Technologies

The German company Siemens is going to sell a majority stake in its VAI Metals Technologies division to the Japanese company Mitsubishi Heavy Industries, the Austrian newspaper reported citing industry experts. Within Siemens, the portfolio of VAI Metals Technologies includes mechanical equipment services, providing drives, motors, automation systems, electrical and electronics; and utility power and environmental technology.

In doing so, Siemens will retain a 30% stake in the Linz-headquartered company in order to secure its position as a supplier.
Siemens is officially planning to announce the sale when the German group is able to deliver an updated strategic plan and publish its second quarter results, according to Oberoesterreichische Nachrichten.

Siemens declined to comment on the matter, nor to report on the strategy of the division, which employs 9,000 people worldwide. Based on the experience and expertise of thousands of projects around the world, Siemens VAI Metals Technologies provides customized solutions for an integrated approach in metallurgical production. for new and existing installations and for all related objects.

Austrian investors led by Michael Tojner of Montana Tech Components have also shown interest in the sale, saying earlier this month that they are interested in the block.