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Siemens announces spin-off of its Gas and Power Division [free access]

May 8, 2019

German energy-engineering firm Siemens has announced the spin-off of its gas and power business. The company has planned to set up a standalone company for its Gas and Power Division, which includes its oil and gas, conventional power generation, power transmission and related services businesses, with the aim of a public listing by September 2020. The new firm will be a major player in energy with business volume of EUR30 billion, and more than 80,000 employees. It will also include Siemens’ 59 per cent stake in wind energy company Siemens Gamesa Renewable Energy.

 

The move will allow Siemens to focus on digital industries and smart infrastructure businesses. It will remain an anchor shareholder in the Gas and Power Division with between 25 and 50 per cent share.

 

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