Hisense Plans to Acquire Siemens Intelligent Traffic Systems
Chinese home appliance maker Hisense planned to invest nearly $1 billion to acquire Siemens’ Intelligent Traffic Systems (ITS), 21st Century Business Herald reported on Wednesday. Hisense has not responded to the report.
In November, Siemens announced it was splitting its ITS division into a separate company. Subsequently, many media outlets reported that Siemens was planning to divest its the transportation business in 2021, which was expected to involve more than 40 countries and regions.
According to public information, Siemens Mobility has a history of more than 100 years. It offers intelligent and efficient mobility solutions for urban, intercity and freight transportation.
Siemens ITS, belonging to Siemens Mobility, mainly provides intelligent solutions for improving mobility on roads and in cities, with annual revenue exceeding 600 million euros ($678.8 million) and has been maintaining steady growth.
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Zhang Sihai, President of Hisense TransTech, revealed earlier in an interview that Hisense’s intelligent transportation sector is also actively expanding overseas. The acquisition of Siemens ITS, therefore, will bring more opportunities for its overseas expansion.
According to data released by Chinese transportation inquiry platform 7its.com, Hisense ranked first in the total order scale of city-based smart transportation products from 2011 to 2020. At present, Hisense intelligent transportation products and solutions have been deployed in more than 169 cities throughout China.