FRANKFURT, Germany -- Siemens said Monday that it will withdraw from home appliance operations and acquire a major manufacturer of compressors used to produce shale gas, aiming to catch up with rival General Electric in the energy field.
The German company will sell its stake in BSH Bosch und Siemens Hausgerate to its 50-50 joint venture partner, Robert Bosch, for 3 billion euros ($3.86 billion). And it will buy all the shares in U.S. oil equipment maker Dresser-Rand for $7.6 billion. Both deals are expected to be completed by next summer.
