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| Lübeck, March 6, 2003 – Siemens Medical Solutions (Med) has proposed to the EU Commission that it sell its Life Support Systems (LSS) division. The intended disinvestment is Siemens Med's response to the objections, related to competition laws, expressed by the Brussels EU cartel authority with respect to the company's planned joint venture with Lübeck-based Drägerwerk AG in the area of critical care. Life support systems are devices that help maintain vital patient functions, e.g. the anesthesia systems and ventilators used in operating rooms and intensive care units. |
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| The offer came in the wake of an examination of the planned joint venture by the respective authorities in the USA and the European Union. Though the American Federal Trade Commission had already given the project its unreserved approval, the EU launched a full investigation into the joint venture at the end of January. |
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| The revenues from the sale of the LSS business would be channeled into the joint venture, under the terms of which Siemens Medical Solutions (Med) would hold 35 percent stake in Dräger Medical AG & Co. KGaA . The joint venture would be expected to have a business volume of some EUR 1.1 billion and would employ approximately 5,600 people worldwide. |
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(c) Drägerwerk AG & Co. KGaA, 2007 |
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