Pakistan, Karachi: Siemens Pakistan Engineering announced the intention to sell its transformer business and its assets, the company’s land and building in Karachi.
The plan comes as a result of Pakistan not being a favourite market for the company due to the country's future depending on positive economical development and its political situation, writes The News.
The business for sale includes installation, commissioning, on-site testing, re-engineering/refurbishment, capacity enhancement, diagnosis and life assessment of the locally-manufactured distribution transformers, locally-manufactured power transformers, autotransformers with OLTC as voltage stabilisers, rectifier transformers, furnace transformers, neutral earthing transformers, dry type transformers and reactors.
Siemens Pakistan Engineering suffered financial losses in Q4 2013 attributing them to low production and sales.
Source: The News