Siemens Mobile spin-off planned

Apr 27 2005 - 03:40 PM ET | Siemens
Siemens' mobile division will spin-off into its own company according to a plan released today during the Siemens Q1 earnings announcement. The unit has been losing money for over a year and was widely speculated to be in a transitional phase. Full plans were not released, such as investment partners. Siemens will likely not hold a majority stake in the new company. Several companies, including Motorola, are said to be in talks with Siemens. The first quarter numbers for the mobile unit were dismal: * Loss of $179 million * 9.1 million units sold (2 million below LG)