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Siemens picks Toyota’s Vanderlande as buyer for logistics unit, sources say

2024 08 22T071625Z 2 LYNXMPEK7L06L RTROPTP 4 FRANCE INDUSTRY

Published : 2 months ago, on

 

MUNICH (Reuters) – Siemens has chosen Toyota’s Vanderlande as a buyer for its airport logistics unit Siemens Logistics, three people familiar with the bidding process told Reuters on Thursday.

The exact terms are being negotiated and the deal is still pending Siemens’ supervisory board approval, two of the sources said.

Both Siemens and Vanderlande declined to comment on the matter.

Vanderlande, owned by Japan’s Toyota Industries since 2017, is a Dutch producer of luggage conveyor belts and parcel-sorting systems used in more than 600 airports around the world.

It employs 9,000 people and makes 2.2 billion euros ($2.45 billion) in annual sales.

Siemens Logistics is the last among the so-called “portfolio companies” that the German industrial giant has been selling since 2019 to concentrate more on its core business.

It expects proceeds in the lower three-digit million euro range from the sale, according to the company sources.

($1 = 0.8972 euros)

 

(Reporting by Alexander Huebner, writing by Andrey Sychev, editing by Rachel More)

 

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