Siemens Gamesa Buys Senvion Assets for EUR200 Million

Date : 10/21/2019 @ 6:52AM
Source : Dow Jones News
Stock : Siemens AG (SIE)
Quote : 112.54  -1.26 (-1.11%) @ 4:34PM

Siemens Gamesa Buys Senvion Assets for EUR200 Million

Siemens (XE:SIE)
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By Carlo Martuscelli

 

Siemens Gamesa Renewable Energy S.A. (SGRE.MC) said Monday that it is acquiring a number of assets, including a manufacturing plant in Portugal, from Senvion SE (SEN.XE) for 200 million euros ($223.3 million).

The Madrid-listed renewable energy company said that it is acquiring a large part of Senvion's onshore service business, all of its intellectual property, and a factory that manufactures blades for onshore wind turbines.

"The addition of these assets helps to diversify Siemens Gamesa's business mix and geographical exposure with contracts that offer long-term visibility and renewal rates that have historically been very high," the company said.

The company said that the acquisition of the Portuguese manufacturing plant will also help reduce its dependency on Asian suppliers, helping to mitigate volatility caused by ongoing trade issues.

It expects the deal to close in the first half of the 2020 fiscal year, between October 2019 and March next year.

Siemens Gamesa is majority owned by Siemens AG (SIE.XE).

 

Write to Carlo Martuscelli at carlo.martuscelli@dowjones.com; @carlomartu

 

(END) Dow Jones Newswires

October 21, 2019 02:37 ET (06:37 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.


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