(MENAFN) German automobile Bosch announced plans to buyout its German rival Siemens from their home appliance joint venture for USD3.9 billion, The Peninsula Qatar reported.
Bosch and Siemens joint their home appliance businesses in the joint venture in the year 1967. Siemens has also announced buying the US manufacturer of turbines and compressors Dresser-Rand.
Siemens said it was selling its 50 percent stake in BSH Bosch and Siemens Hausgeraete GmbH in a bid to focus on its core businesses, including energy, the German firm said.
"The sale of our BSH stake is part of our drive to continue focusing very intensively on our core business," Siemens's Chief Financial Officer said in a statement.
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