continues its sale of non core assets with the announcement today
that it has offloaded its invoice factoring business to Bibby
Financial Services Group.
The sale coincides with a 13 per cent share price fall today at
its parent, Siemens AG, because of delays and cancellations across
three divisions which will cost the company an estimated €900m this
quarter.
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The sale to Bibby, for an undisclosed price, includes all the
clients and staff of SFS’ invoice division.
The sold business has performed well in recent times, but “no
longer resides as a core offering”, according to an SFS
statement.
Late last year SFS sold to De Lage Landen its two Hungarian
businesses, Siemens Leasing Kft. and Siemens Finance Zrt, which
focus on healthcare, office equipment, IT, communication and other
industrial equipment segments, because they did not fit with the
company’s new strategy of investing heavily in biggest growing
sectors and regions, according to Jonathan Andrew, SFS’ European
head.
At the time Andrew said the company wanted to re-focus its
efforts on its most profitable business and also grow some assets,
including aircraft, into global businesses. SFS also wanted to
focus extra investment in receivables financing, and Asia, in
particular China.
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By GlobalDataSFS reported a fall of 15 per cent in total assets for the
fiscal year ended September 2007, partly as a result of its
transfer of carrier activities into Nokia-Siemens Networks.
