ZURICH - Siemens has agreed to sell the mail and parcels business of Siemens Logistics business to German technology group Koerber for a purchase price of 1.15 billion euros ($1.31 billion), the German engineering company said on Wednesday.

The deal, which Reuters reported was imminent earlier on Wednesday, is expected to be completed in the current calendar year.

The deal is the latest sale by Siemens as it seeks to concentrate on its main areas of industrial automation and smart buildings.

  - Reuters