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Siemens choses name for new energy business

Source: Siemens Srbija

October 23 (Renewables Now) - German industrial major Siemens AG (ETR:SIE) has decided to name its future publicly listed company in the energy and electricity sector “Siemens Energy.”

The company announced this last week, saying that the new name will formally take effect in April 2020, when the energy business is expected to become a separate legal entity. The plan is to have Siemens Energy listed on the bourse by September 2020.

According to Michael Sen, co-CEO of Siemens’ Gas and Power Operating Company and the future CEO of the businesses being separated, Siemens Energy was the most proposed name by the company’s employees.

As unveiled in May 2019, Siemens plans to create a new company to house its spun-off Gas and Power (GP) business and the group’s equity investment in wind turbine manufacturer Siemens Gamesa Renewable Energy (SGRE). On a pro-forma basis, the operations that will make up Siemens Energy currently generate a combined EUR 27 billion (USD 30bn) in revenue and employ about 88,000 people around the world. Their total order backlog amounts to EUR 70 billion.

(EUR 1.0 = USD 1.112)

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