Siemens to Sell Chip Business, Other Units

German electronics giant Siemens said it will shed its unprofitable semiconductor business and other units that account for 15% of its annual revenue in an effort to boost profit. The firm will take a $2.4-billion charge for the massive restructuring. The businesses put on the block have combined sales of $10 billion and employ 60,000 people, about 14% of Siemens’ work force. Siemens, which makes everything from light bulbs to power plants, has sold its defense electronics and dental equipment units during the last two years to shore up profitability. But that wasn’t enough to counter a collapse in memory chip prices, a recession in parts of Asia and other problems. That dragged down profit for the fiscal year ended Sept. 30. Siemens said net income from continuing operations rose a marginal 2% to $1.59 billion, as sales rose 10% to $70.6 billion. It did not break out its quarterly earnings. Orders in Asia fell 25% to $7.4 billion. Siemens’ American depositary receipts fell $1 to $62 in over-the-counter trading.