If you love it, set it free...Siemens has announced that the spin-off of its telecoms and networking devices unit will be effective from the start of October.
The new subsidiary will be know as Siemens Home and Office Communications Devices, and will encompass Siemens' cordless handsets business - VoIP and landline - as well as broadband products and home media devices.
The business will be managed by Paul Reitmeier and Thomas Kresser, the heads of the Siemens Premises Equipment division, the unit that will be spun off to create the new subsidiary.
According to Siemens, the home and offices communications devices unit is expected to turn over roughly €1bn per year.
The carve-out is the latest phase in Siemens' reorganisation of its telecoms business as a whole. Earlier this year, the company announced the sale of its struggling mobile division to Taiwanese phone maker BenQ.