By Ed Frankl

Siemens AG said Friday that it has agreed to sell its commercial vehicles business to Meritor Inc. for an enterprise value of 190 million euros ($201.1 million), as the conglomerate continues to streamline it operations as a technology-focused company.

The German industrial company's commercial-vehicles unit, which supplies electric-drive systems for medium and heavy-duty vehicles, was already in Siemens's portfolio-companies segment, which includes businesses being teed up for sales.

Siemens in February sold its parcel-logistics arm from its portfolio segment to Koeber for EUR1.15 billion.

Troy, Mich.-based Meritor plans to integrate the commercial-vehicles business's motor, inverter and systems technology to enhance its development of next-generation powertrains, Siemens said.

"The move is another step in the company's rigorous implementation of its previously announced plan to sharpen its portfolio as a focused technology company," Siemens said.

Closing is expected at the end of 2022, subject to regulatory approvals, the company added.

Write to Ed Frankl at edward.frankl@dowjones.com

(END) Dow Jones Newswires

May 20, 2022 07:42 ET (11:42 GMT)

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