Siemens to Sell Mail Business to Koerber in $1.31 Billion Deal

Siemens AG agreed to sell the mail and parcel part of its logistics wing to Koerber AG, the latest step in a push to streamline its portfolio and move more toward software.

The German engineering giant said it agreed to sell the unit to Koerber for 1.15 billion euros ($1.31 billion) in a deal that’s expected to close this calendar year. Hamburg-based Koerber operates a supply-chain technology division into which the unit, which makes equipment to sort letters and parcels, will be integrated.

The sale comes at a time when companies are increasing logistics spending to cope with the ...