By Kim Richters

Siemens AG said Thursday that it is selling its subsidiary Flender GmbH to investment firm Carlyle Group Inc. for an enterprise value of 2.03 billion euros ($2.39 billion).

The German engineering giant expects the deal to close in the first half of next year, subject to regulatory approvals.

"By selling Flender, we're successfully and rigorously continuing our strategy to become a new, focused Siemens AG," Siemens Chief Executive Joe Kaeser said in a statement.

"Our plan of fixing the businesses ourselves by introducing the structures used in small and midsized companies has proven effective," he added.

Siemens said earlier this year that it intended to spin off and publicly list the mechanical drive systems manufacturer Flender.

Write to Kim Richters at kim.richters@wsj.com

(END) Dow Jones Newswires

October 29, 2020 08:33 ET (12:33 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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