Siemens Unveils Overhaul, Confirms Rolls-Royce Buy

German conglomerate Siemens announced a corporate overhaul on Tuesday which will streamline the structure of the company into nine divisions, see its healthcare business managed separately, and its audiology activities publicly listed.

In a statement, the Munich-based group also confirmed it was buying the energy business of Rolls-Royce for roughly 950 million euros.

The restructuring steps are part of a new strategy to be unveiled by Chief Executive Joe Kaeser on Wednesday in Berlin. The company said the measures, which include a streamlining of human resources and communications functions, would increase productivity by 1 billion euros per year, effective from the end of fiscal 2016.

(Reporting by Noah Barkin)