FRANKFURT: Germany's Siemens AG said it was splitting its Mechanical Drives business into a separate entity under the industrial group's umbrella to allow it to operate more efficiently and flexibly.
It said on Thursday it would invest in the business's locations worldwide and its product portfolio to ensure its continued market and technology leadership.
Mechanical Drives, part of Siemens's Process Industries and Drives Division, has around 6,000 employees worldwide.
According to Siemens, it is a leading global supplier of components for mechanical drives systems, with offerings ranging from an extensive portfolio of drives and couplings to services. It serves industries such as wind power, cement production, marine, conveyor and crane technology.