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5/9/2019 | 1 MINUTE READ

Siemens announces spinoff Gas and Power company

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Siemens’ Gas and Power will be an independent company to combine Siemens’ renewable energy, oil and gas and other energy-related businesses.

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Siemens AG (Munich, Germany) has announced that it is consolidating its energy and power businesses — including its renewable energies company Siemens Gamesa Renewable Energy (SGRE) — into one independent spinoff company, Siemens’ Gas and Power. The new company will be led by CEO Lisa Davis.

Siemens AG will give up its majority stake in the new company, retaining shares of less than 50%, but plans to continue supporting Siemens’ Gas and Power through the professional services of Siemens' Financial Services, the sales network of the Siemens Regions and the licensing of the Siemens brand. Final decisions and public listing of the spinoff company are expected to be made at a shareholder meeting next year, possibly in June 2020.

The decision is part of the company’s Vision 2020+ plan, approved unanimously by the Supervisory Board of Siemens AG at a meeting on May 7.

"Being independent will enable us to more effectively leverage our position of strength to further support our customers in rapidly changing energy markets," says Davis. "Global electrification continues to be vital to economic and environmental progress around the world, and as the only company with a leading portfolio along the entire energy value chain — in both conventional and renewable energy — we are uniquely able to help both public- and private-sector customers benefit from these developments. We'll now have more freedom and agility to be able to concentrate fully on the highly specific and quickly changing requirements of our markets and customers. In addition, we'll be able to more directly control our costs and ensure that our stakeholders benefit directly from every euro we spend.”

"Combining our portfolio for conventional power generation with power supply from renewable energies will enable us to fully meet customer demand,” says Joe Kaeser, president and CEO of Siemens AG. “It will also allow us to provide an optimized and, when necessary, combined range of offerings from a single source. We're convinced that this strategic decision will be positive for all participants and enable long-term value creation for customers, employees and shareholders — as can also be seen in recent market successes such as those in Iraq, which we'll jointly continue to pursue.”

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