Siemens Combines Wind Energy Generation With Flender
September 01 2020 - 5:28AM
Dow Jones News
By Cecilia Butini
Siemens AG said Tuesday that its portfolio company Wind Energy
Generation, also known as WG, has been incorporated into Siemens's
German subsidiary Flender GmbH.
The German engineering conglomerate said the move fits into its
plan to publicly list Flender in 2021.
As a result of the operation, Siemens said, Flender will be able
to add electro-technical capability in the production of generators
for the wind industry, while its position in the wind power sector
will benefit WG, which focuses on wind generators and
converters.
"We're already working together on a hybrid powertrain, which
promises new growth potential in the wind area," said Flender Chief
Executive Andreas Evertz.
Siemens said WG will retain its organization after the transfer
to Flender, and that the integration of WG sites outside of Germany
will be completed by Feb. 1.
The listing of Flender will happen via a spinoff, Siemens said,
with company shareholders set to vote on the proposal at the
ordinary shareholders' meeting in February.
WG and Flender have a combined revenue of about 2 billion euros
($2.39 billion), Siemens said.
Write to Cecilia Butini at cecilia.butini@wsj.com
(END) Dow Jones Newswires
September 01, 2020 05:13 ET (09:13 GMT)
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