FRANKFURT, Feb 10 — German industrial giant Siemens said Wednesday it was selling its "mail and parcel” component to fellow German firm Koerber as it seeks to simplify its activities.

"Siemens has reached an agreement to sell the mail and parcel business of Siemens Logistics GmbH to the Korber Group... The purchase price totals €1.15 billion” (RM5.5 billion), it said in a statement.

"Closing is expected in the course of the current calendar year, subject to regulatory approvals.”

The unit — which makes equipment to sort parcels — has around 1,200 employees and generates annual revenue of about €500 million, Siemens said.

The firm added it would retain its airport logistics solutions business. — AFP