Siemens says Invensys Rail deal will boost profits
FRANKFURT/LONDON (Reuters) – Germany’s Siemens AG promised investors its deal to buy Invensys’ rail business for a hefty 1. 74 billion pounds ($2. 78 billion) would contribute to boosting profits in a tough economy. The engineering conglomerate, Germany’s most valuable company, aims to save 6 billion euros ($7. 75 billion) and focus on its core areas of expertise to close a gap with rivals such as ABB and General Electric. Late on Wednesday, the company said it was buying Invensys Rail and selling its baggage handling and postal sorting operations as part of that plan. . . .
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