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6/20/2016 | 1 MINUTE READ

Siemens and Gamesa merger to create wind energy giant

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The merger will create the world's largest wind turbine manufacturer.

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Siemens, Munich, and Gamesa, Zamudio, Vizcaya, Spain, will merge Siemens’ wind power business, including wind services, with Gamesa to create a global wind power player. Siemens will receive newly issued shares of the combined company and will hold 59 percent of the share capital while Gamesa’s existing shareholders will hold 41 percent.

The new company, which will be consolidated in Siemens’ financial statements, is expected to have a 69 GW installed base worldwide, an order backlog of around €20 billion, revenue of €9.3 billion and an adjusted EBIT of €839 million. The combined company will have its legal domicile and global headquarters in Spain and will remain listed in Spain. The onshore headquarters will be located in Spain, while the offshore headquarters will reside in Hamburg, Germany, and Vejle, Denmark.

The two businesses are highly complementary in terms of global footprint, existing product portfolios and technologies. The combined business will have a global reach and manufacturing footprints in all continents. Siemens’ wind power business has a strong foothold in North America and Northern Europe, and Gamesa is well positioned in fast-growing emerging markets, such as India and Latin America and in Southern Europe.

“The merger with Siemens constitutes recognition for the work performed by the company in recent years and evidences our commitment to generating value in the long term by creating significant synergies and extending the horizon of our profitable growth. Today, we are embarking on a new era, creating, alongside Siemens, a world-leading wind player. We will continue to work as before, albeit as part of a stronger company and with an enhanced ability to offer all of our customers end-to-end solutions,” said Ignacio Martín, executive chairman and CEO of Gamesa.

“The combination of our wind business with Gamesa follows a clear and compelling industrial logic in an attractive growth industry, in which scale is a key to making renewable energy more cost-effective. With this business combination, we can provide even greater opportunities to the customers and value to the shareholders of the new company. The combined business will fit right into our Siemens Vision 2020 and underlines our commitment to affordable, reliable and sustainable energy supply,” said Joe Kaeser, president and CEO of Siemens AG.

 

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