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Siemens completes acquisition of Bayer's diagnostic division

Siemens AG, Europe's largest engineering company, completed its €4.2 billion ($5.6 billion) acquisition of Bayer AG's diagnostic division to bolster its medical business.

The Bayer unit will be combined with Diagnostic Products Corp., the US company Siemens bought last year, into Siemens Medical Solutions Diagnostics, which employs 8,000 workers, Siemens said in a statement today. Munich-based Siemens agreed to buy the Bayer unit in June. Anthony Bihl, previously president of Bayer's diagnostic unit, was appointed chief executive officer of the new Siemens diagnostic division.

Sid Aroesty will be chief operating officer and Jochen Schmitz was named finance chief, Siemens said. The purchase adds to the more than 5 billion euros Siemens spent in the past six years to expand its medical division. CEO Klaus Kleinfeld is battling with rivals Royal Philips Electronics NV of the Netherlands and Fairfield, Connecticut-based General Electric Co. for a share of the world medical technology market. (Bloomberg)