Siemens to Spin Off VDO on June 1

(Akron/Tire Review) Siemens AG will spin off its automotive supplier division VDO into a separate unit on June 1 instead of the original date of May 1, because it still has details it needs to work out with Germany’s labor council, according to Sueddeutsche Zeitung.

A company spokeswoman confirmed to the newspaper the new date would be June 1. She said a one-month delay will not have any impact on plans to float VDO.

Continental AG had expressed strong interest in purchasing the unit, which, among other products, produces TPMS for OE and aftermarket applications.

The newspaper, citing sources, said management and the works council have yet to hash out details for the period covering the transition to the new unit.