Siemens intends to spin off wind technology ops

Siemens Gamesa's SG 8.0-167 DD offshore wind turbine. Image source: ├śrsted

May 11 (Renewables Now) - Siemens AG (ETR:SIE) on Friday unveiled a plan to merge its Wind Energy Generation unit into its technology and mechanical drive business and then spin-off and publicly list the enlarged entity.

The move will create a company with an estimated annual revenue of about EUR 2 billion (USD 2.17bn), the German industrial giant said in an update to its performance for the second fiscal quarter. The plan is in line with its efforts to revamp the units within its portfolio companies.

Wind Energy Generation will become part of Flender GmbH -- a company that Siemens acquired back in 2005. The unit is involved in the production of mechanical drive systems, which are used in wind turbines and for other applications in the power generation, mining, oil and gas and other sectors. The combined business will be separated via a spin-off, with its shares to be listed publicly.

“This transaction will complete the company’s electrical and mechanical portfolio, making it an important tier-1 supplier to the wind power industry,” Siemens said.

Siemens’ shareholders will vote on the proposal at the next annual meeting in February 2021.

(EUR 1.0 = USD 1.084)

More stories to explore
Share this story
About the author
Browse all articles from Veselina Petrova

Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

More articles by the author
5 / 5 free articles left this month
Get 5 more for free Sign up for Basic subscription
Get full access Sign up for Premium subscription