By Olaf Ridder and Ed Frankl

 

Siemens AG isn't planning major acquisitions or spinoffs beyond what is public knowledge, Chief Executive Roland Busch said at the company's annual general meeting on Thursday.

Mr. Busch ruled out listing its electromobility charging-technology business on the stock exchange, the strategy currently being adopted by Swiss rival ABB Ltd.

There has also been no decision on the spinoff of its Large Drives Applications business, which was confirmed for a carve out in November, Chief Financial Officer Ralf Thomas said.

The unit, which makes heavy-duty drive systems for ships, mines and mills, has 7,000 employees and its spinoff or IPO would be a major strategic move in its efforts to become a leaner company.

 

Write to Olaf Ridder at olaf.ridder@wsj.com and Ed Frankl at edward.frankl@dowjones.com

 

(END) Dow Jones Newswires

February 10, 2022 09:11 ET (14:11 GMT)

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