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28.07.2007 
Siemens AG is signing an agreement with Continental AG, Hanover, Germany, to
sell its entire stake in Siemens VDO Automotive AG (SV). The price is ˆ11.4
billion. The closing of the transaction is subject to approval by the responsible
antitrust authorities and other closing conditions and is expected in the
current calendar year. Peter Löscher, President and CEO of Siemens AG, said:
“We have reached an outstanding result. We have carefully evaluated all options
for SV and chose the best perspectives for the employees, customers, and our
investors.” Preparations for the planned IPO of SV will be terminated.
The sale of SV supports the goals set in the company’s Fitfor 2010 program.
These goals include a focused further development of the business portfolio
in the three application fields of Energy and Environmental Care, Automation
and Control/Industrial and Public Infrastructures, and Healthcare. “We have
already made major investments in these fields in the recent past,” commented
Löscher. “As we pursue this course, we must be even more oriented to growth
and margins, and keep an eye on the capital-intensity of our businesses. We
will make Siemens more focused, less complex, and faster.”
The predecessor of SV, Siemens Automotive Systems (AT), was established around
20 years ago. The business developed rapidly and marked a major milestone
when it merged with Mannesmann VDO in 2001. In fiscal 2006, SV had sales
of roughly ˆ10 billion and employed some 53,000 people at around 130 locations
worldwide, including about 19,600 in Germany. Wolfgang Dehen, President
of SV, said: “All employees can be proud of what we as a team have achieved
with SV so far. The new product portfolio, clearly focused on the growth
field of automotive electronics, will offer great possibilities for the future.”
Siemens VDO Automotive AG, a Group of Siemens AG, is one of the world’s
leading suppliers of electronics and mechatronics for the automotive industry.
With its products, it enables individual mobility and the efficient
transportation of goods by road in modern societies. As development partner
of the automotive industry, the company manufactures automotive electronics
and mechatronics for reducing emissions, enhancing safety and driving comfort,
and keeping drivers informed and in touch with the outside world. Siemens VDO
generated sales of over ˆ10 billion in fiscal year 2006 (to September 30)
and Group profit of ˆ669 million (based on US GAAP).
The Continental Corporation is a leading automotive supplier of brake
systems, chassis components, vehicle electronics, tires and technical
elastomers. In 2006 the corporation realized sales of EUR14.9 billion.
It has a worldwide workforce of around 87,000.
Siemens (Berlin and Munich) is a global powerhouse in electrical engineering
and electronics. The company has around 475,000 employees (including
“discontinued operations”) working to develop and manufacture products,
design and install complex systems and projects, and tailor a wide range
of services for individual requirements. Siemens provides innovative
technologies and comprehensive know-how to benefit customers in 190
countries. Founded more than 155 years ago, the company focuses on the
areas of Information and Communications, Automation and Control, Power,
Transportation, Medical, and Lighting. In fiscal 2006 (ended September 30),
according to US GAAP, Siemens had sales of ˆ87.3 billion and net income
of ˆ3.033 billion. Further information is available on the Internet at: www.siemens.com.
Disclaimer
This document contains forward-looking statements and information – that is,
statements related to future, not past, events. These statements may be
identified by words as “expects,” ”looks forward to,” “anticipates,” “intends,”
“plans,” “believes,” “seeks,” “estimates,” “will” or words of similar meaning.
Such statements are based on our current expectations and certain assumptions,
and are, therefore, subject to certain risks and uncertainties. A variety of
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performance, business strategy and results and could cause the actual results,
performance or achievements of Siemens worldwide to be materially different
from any future results, performance or achievements that may be expressed
or implied by such forward-looking statements. For us, particular uncertainties
arise, among others, from: changes in general economic and business conditions
(including margin developments in major business areas); the challenges of
integrating major acquisitions and implementing joint ventures and other
significant portfolio measures; changes in currency exchange rates and
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of pending investigations and legal proceedings; our analysis of the
potential impact of such matters on our financial statements; as well
as various other factors. More detailed information about our risk
factors is contained in Siemens’ filings with the SEC, which are available
on the Siemens website, www.siemens.com, and on the SEC’s website, www.sec.gov.
Should one or more of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary materially
from those described in the relevant forward-looking statement as expected,
anticipated, intended, planned, believed, sought, estimated or projected.
Siemens does not intend or assume any obligation to update or revise these
forward-looking statements in light of developments which differ from those
anticipated.
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