Siemens wants to carve out traffic systems business

Business

Siemens wants to separate its Intelligent Traffic Systems (ITS) from its mobility business and run it as separately managed company, Deputy Chief Executive Roland Busch said on Thursday.

“As a separate company with a clear focus, ITS can better pursue its growth strategy, shape digitalisation in its industry and actively drive market consolidation,” Busch told a news conference.

“It’s a healthy business with annual revenue of around 600 million euros ($705.84 million) and a compound annual growth rate in orders of 8% in recent years,” Busch said, adding he wanted to complete the carve-out by the end of Siemens’s 2021 business year.

($1 = 0.8501 euros)