Siemens Sells All Shares of Its Rofin-Sinar Group

Munich-based Siemens AG has divested itself of its laser-manufacturing subsidiary, the Rofin-Sinar Group, by selling all of the group's 10 million shares of stock at $9.50 per share. Formerly part of the conglomerate's KWU Power Generation Group, Rofin-Sinar and its laser materials-processing and marketing systems were no longer considered a core activity to the company. The transaction represents the first time Siemens has sold off a peripheral holding publicly. Rofin-Sinar's operations will be consolidated into a holding company, Rofin-Sinar Technologies Inc., based in Plymouth, Mich.