Siemens AG, Europe’s largest engineering company, is close to finalizing an agreement to sell its logistics and airports solutions business to a group led by billionaire investor Wilbur Ross as it exits underperforming businesses, two people familiar with the talks said.

Siemens plans to retain a minority stake in the unit, which is based in Constance, Germany, to help secure jobs, said the people, who asked not to be identified because negotiations are private. The German firm will likely announce the sale as early as this week and the supervisory board is set to sign off on the transaction on May 6, one of the people said.

The employees of the airports unit will be asked to agree to join the new company, one of the people said. The Ross-led group also includes E. Leopold Dieck, a German businessman based in nearby Ravensburg, the people said. Representatives for Munich-based Siemens and the Ross group declined to comment.

Plans to sell the 3,500 employee-strong division, which makes parcel- and baggage-handling systems, were first announced by Siemens in November 2012. The unit had a “mid-single digit” profit margin on sales of about 900 million euros ($1.2 billion) in 2011.

Chief Executive Officer Joe Kaeser, who was appointed last August, has been working through the company’s portfolio to identify more assets for sale before presenting a new strategy on May 7. He has sealed the sale of the VAI Metals Technologies business to Mitsubishi Heavy Industries Ltd. and is exploring a sale of the microbiology diagnostics unit, people familiar with the plans have said. He is also seeking to acquire parts of both Alstom SA’s and Rolls-Royce Holdings Plc’s energy businesses.

Siemens has in the past 12 months sold its water technologies division, its stake in a telecommunications equipment joint venture with Nokia and spun off its Osram Licht AG lighting business.

To contact the reporters on this story: Alex Webb in Munich at [email protected]; Ruth David in London at rd[email protected]; Leslie Picker in New York at [email protected] To contact the editors responsible for this story: Aaron Kirchfeld at [email protected]; Simon Thiel at [email protected] Mohammed Hadi.

Photo Credit: eople walk out of an office building of Siemens AG in Berlin July 29, 2013. Fabrizio Bensch / Reuters