German industrial conglomerate Siemens XE:SIE said Wednesday it will spin out its motors and large drives company. The company, to be called Innomotics, will be based in Nuremberg, Germany, and have 14,000 employees worldwide and revenue of 3 billion euros. The related businesses were previously assigned to the units Large Drives Applications and Digital Industries and to the legally separate Siemens companies Sykatec and Weiss Spindeltechnologie. The spinoff will be effective July 1 and the carve out is expected to be largely completed by the start of the new fiscal year in Octobe.r
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