It’s reported that the intelligent transport systems division of Siemens is to be renamed Yunex Traffic.

Reuters says the German engineering company is pressing ahead with plans to “carve out the signalling business ahead of a potential sale”.

The report adds that the business, which operates in more than 40 countries and has annual revenue of 600 million euros (£525 million), is due to be renamed by the end of February as part of the process.

Reuters adds that Siemens has been simplifying its business in recent years, separating and floating its energy and health equipment divisions as it seeks to become a more focused technology company and “lose the conglomerate discount which has weighed on its stock price”.

New CEO Roland Busch said last week the ITS spin-off, announced in November, should be completed by mid-2021.

(Picture: Siemens logo)