Siemens in talks to sell appliances JV stake to partner Robert Bosch
29 May 2014
Siemens AG is in advance talks to sell its 50 per cent stake in household goods joint venture BSH Bosch Siemens Hausgeräte (BSH) to partner Robert Bosch, German daily Frankfurter Allgemeine Zeitung yesterday reported without cosing the source of its information.
Siemens' decision to sell its stake came after the engineering giant conducted a strategy review earlier this year to sell non-core assets, as well as to raise funds for trumping a $16.9-billion bid from General Electric for French engineering firm Alstom's energy unit.
Although Bosch has the right of first refusal to acquire the stake, it has yet to agree on the continued use of the trademark and the valuation of Siemens stake, the report said.
The paper valued Siemens' stake at around €5 billion and added that Siemens might strike a deal with South Korea's Samsung if Bosch was not interested in taking full control of BSH.
Founded in 1967, BSH is the largest manufacturer of home appliances in Europe and one of the leading companies in the sector worldwide.
BSH's product portfolio spans the entire spectrum of household appliances from stoves, ovens and extractor hoods to dishwashers, washers and dryers, refrigerators and freezers to small appliances and consumer products such as vacuum cleaners, coffee machines, electric kettles, irons and hairdryers.
With 2013 sales of about €10.5 billion, BSH operates 41 factories in 13 countries in Europe, the US, Latin America and Asia.
BSH, made up of over 80 companies in 47 countries, has a total workforce of about 50,000, of which more than 70 per cent are employed in Europe.