KPS Capital Partners, an American investment company, agreed to acquire Innomotics, a motor and large-drive systems supplier, from Siemens, a German multinational technology conglomerate, for €3.5bn ($3.8bn). "KPS, with its demonstrated track record of manufacturing excellence and its global platform, is the ideal owner for the new Innomotics. We will extend our extensive track record of successful technological innovation and providing our customers with world-class products, solutions and services," Michael Reichle, Innomotics CEO.