FRANKFURT, March 16 (Reuters) - German industrial conglomerate Siemens dashed hopes for a sale of its hearing aid business by naming a new chief executive for the unit on Tuesday.
The German industrial conglomerate appointed Roger Radke as new chief executive for Siemens Audiologische Technik, replacing Stefan Schaller, who will take another job within the company.
'The sector expects this appointment to further strengthen its global hearing instrument activities, particularly since Radke boasts wide-ranging experience and an excellent network in the industry due to his previous management position in Siemens' audiology area,' Siemens said in a statement.
Two sources familiar with the matter had told Reuters on Monday that Siemens has decided to scrap plans to sell the hearing aid unit because bids were too low. Company sources have previously said Siemens was not willing to consider any bid below 2 billion euros.
Financial sources had said private equity firms Cinven and Bain Capital as well as two consortiums were interested in the hearing aid unit.
One consortium consisted of private equity firm Permira Nordic Capital, and German hearing aid maker Hansaton. The other group comprised KKR, Hellman & Friedman and Australian hearing aid producer Cochlear, the sources said.
(Reporting by Maria Sheahan; Editing by Michael Shields) ($1=.7318 Euro) ($1=.7318 Euro) Keywords: SIEMENS/HEARINGAID/ (maria.sheahan@thomsonreuters.com; +49 69 7565 1286; Reuters Messaging: maria.sheahan.thomsonreuters.com@thomsonreuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The German industrial conglomerate appointed Roger Radke as new chief executive for Siemens Audiologische Technik, replacing Stefan Schaller, who will take another job within the company.
'The sector expects this appointment to further strengthen its global hearing instrument activities, particularly since Radke boasts wide-ranging experience and an excellent network in the industry due to his previous management position in Siemens' audiology area,' Siemens said in a statement.
Two sources familiar with the matter had told Reuters on Monday that Siemens has decided to scrap plans to sell the hearing aid unit because bids were too low. Company sources have previously said Siemens was not willing to consider any bid below 2 billion euros.
Financial sources had said private equity firms Cinven and Bain Capital as well as two consortiums were interested in the hearing aid unit.
One consortium consisted of private equity firm Permira Nordic Capital, and German hearing aid maker Hansaton. The other group comprised KKR, Hellman & Friedman and Australian hearing aid producer Cochlear, the sources said.
(Reporting by Maria Sheahan; Editing by Michael Shields) ($1=.7318 Euro) ($1=.7318 Euro) Keywords: SIEMENS/HEARINGAID/ (maria.sheahan@thomsonreuters.com; +49 69 7565 1286; Reuters Messaging: maria.sheahan.thomsonreuters.com@thomsonreuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
