Siemens Splitting Off Logistics Unit

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ermany-based Siemens AG said it will split off part of its industrial logistics division early next year in an effort to turn around unprofitable units, Bloomberg reported.

The logistics unit, whose machines handle more than 90% of U.S. mail, is Siemens’ smallest by revenue and employs about 10,000 people worldwide, Bloomberg said.

The new structure will make it easier for the unit to do business with small to mid-sized customers, Bloomberg reported.

Siemens’ Logistics & Assembly unit, the division from which it will split off the business, had a loss of about $60 million in the past quarter ended in June.