In a statement German engineering company Siemens said, it has agreed to sell the mail and parcels business of Siemens Logistics business to German technology group Koerber for a price of $1.31 billion (1.15 billion euros).

The deal is expected to be completed by December 31, 2022.

The development sees Siemens increasing its focus on its core areas of industrial automation and smart buildings.

($1 = 0.8747 euros)

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Tags: acquisition, business, core areas, divest, divestiture, German, Germany, industrial automation, Koerber, M&A, mail, merger, parcels, Siemens, Siemens Logistics, smart buildings