FRANKFURT -- Engineering giant Siemens (IW 1000/35) said Wednesday it is selling off parts of its water technology business to a US private equity group, AEA Investors, for 640 million euros (US$866 million).
"Siemens is selling parts of its water business to funds managed by AEA Investors" to focus on water and sewage treatment plants and seawater desalination plants, the German group said.
"AEA Investors is acquiring the solutions for treating and processing municipal and industrial water and wastewater. The transaction is still subject to regulatory approval," the statement said.
The business, called Siemens Water Technologies, has around 4,000 employees, three-quarters of whom are in North America, Siemens added.
Copyright Agence France-Presse, 2013