Siemens wants to separate its Intelligent Traffic Systems (ITS) from its mobility business and run it as separately managed company, Deputy Chief Executive Roland Busch said on Thursday.

“As a separate company with a clear focus, ITS can better pursue its growth strategy, shape digitalisation in its industry and actively drive market consolidation,” Busch told a news conference.

“It’s a healthy business with annual revenue of around 600 million euros ($705.84 million) and a compound annual growth rate in orders of 8% in recent years,” Busch said, adding he wanted to complete the carve-out by the end of Siemens’s 2021 business year.