Bosch in €3bil buyout of Siemens in home appliance JV

Siemens says it is selling its 50% stake in home appliance business, BSH Bosch und Siemens Hausgerate GmbH, to focus on its core businesses, including energy - AFP Photo.

BERLIN: Bosch announced on Monday it was buying out fellow German conglomerate Siemens from their home appliance joint venture for €3bil (US$3.9bil).

Siemens said it was selling its 50% stake in BSH Bosch und Siemens Hausgerate GmbH to focus on its core businesses, including energy, and announced at the same time it was to acquire Dresser-Rand, the US manufacturer of turbines and compressors.