Siemens announced Nov. 10 that it plans on spinning off its healthcare business into a separate, public company.
Siemens said it would offer more details on the proposed move at a future date. The company also said the listing would depend on the stock market environment.
In May, the company changed the name of its healthcare business to Siemens Healthineers.
For the fourth quarter of fiscal year 2016, revenue in the Siemens Healthineers division increased 2 percent compared with the same time period last year. Siemens Healthineers accounted for 16.5 percent of the company’s revenue during the quarter.
“The public listing is a key lever for reaching our strategic goal of being the enabler for healthcare providers worldwide,” Bernd Montag, CEO of Siemens Healthineers, said in a news release. “Greater entrepreneurial freedom and agility will allow us to help shape the development of the global healthcare market and the growth strategies of successful healthcare providers. We’ll enable our customers to participate successfully in the trends toward consolidation, industrialization and holistic health management with a high degree of clinical relevance, efficient workflows and financial value added.”
Executive Editor
Tim Casey joined TriMed Media Group in 2015 as Executive Editor. For the previous four years, he worked as an editor and writer for HMP Communications, primarily focused on covering managed care issues and reporting from medical and health care conferences. He was also a staff reporter at the Sacramento Bee for more than four years covering professional, college and high school sports. He earned his undergraduate degree in psychology from the University of Notre Dame and his MBA degree from Georgetown University.