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SIG sell off completes divestment strategy

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The SIG industrial group has sold its Positec automation technology division to the Schneider Electric company of France.

The move comes less than a week after SIG sold off most of its 140-year-old small arms and rifle business to two German private investors.

SIG, based near Schaffhausen, said the divestment represented a "further significant step" in the company's plans to focus on packaging technology.

A statement said that Schneider planned to treat its new acquisition as an independent unit, and to retain the existing employee base.

Both parties have agreed not to disclose the price of the sale for the time being.

SIG added that with the sale of Positec, its phase of major disinvestments had been completed.

The transaction, which still requires the formal approval of the monopolies commission, is retroactive to January 1.

swissinfo with agencies

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