Siemens has announced that it is exiting its Valeo Siemens e-automotive joint venture in a deal that will increase its profits by over $342.60 million, the German company said in a statement on Wednesday.

Siemens announced that it would sell its 50 per cent stake to Valeo Siemens, which will combine the business into its powertrain business group. The profit result of around 300 million euros will be registered in the second quarter of fiscal 2022, with the closing of the deal expected in July 2022, the company added.