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Siemens wants to carve out traffic systems business

Roland Busch, deputy CEO of German engineering company Siemens addresses a virtual news conference releasing the company's fiscal Q4 and full-year results in Munich, Germany, November 12, 2020. Matthias Balk/Pool via Reuters

ZURICH (Reuters) - 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)

Reporting by John Revill; Editing by Michelle Adair