Germany’s largest industrial group aims to bring its power plant division of the stock exchange. In this way, Siemens is separated from a majority of its sales and its employees and aligns their core business.
Siemens CEO Joe Kaeser splits the Munich-based industrial group. The business with the energy industry to be cleaved, and the next year independently on the stock exchange listed, such as Siemens announced on Tuesday evening. Thus, the group is separated of about one-third of its sales and almost a quarter of its 380,000 employees counting employees.
“We break anything, we provide new perspectives,” said Kaeser, in a telephone conference. He wants to align the group as a whole on technology: the core business, the automation of factories (Digital Industries) and the networking of buildings, cities and countries (Smart Infrastructure) in the future. In the two areas and in the administration, but first of all, about 10,000 jobs will be deleted.
Kaesers biggest step
Chief Executive, Joe Kaeser
The elimination of the division of Gas & Power in a stand-alone listed company, is the largest incision, the enterprising Chairman of Siemens. Of the General works Council chief Birgit Steinborn, spoke of a “turning point”, Kaeser said: “This is a big step, but we are convinced that we have to do it now.”
Also, the participation of 59% of national wind power, a subsidiary of Siemens, Gamesa, to be delivered to the outsourced company, which comes to 27 billion euros in sales and 88,000 employees. After the removal of 6000 jobs in the shrinking business with Gas – and steam turbines for conventional power plants, removal is another. A third of the turnover is attributable to the conventional power generation and renewable energy sources, a fifth of the high voltage networks.
While the business with Oil – and Gasförderern recovered again, Siemens in the power plant business in the energy transition. Siemens, Gamesa is struggling to cope with continued price pressure for wind turbines. “The independence now gives us more freedom and flexibility,” said the US-American Lisa Davis, the Siemens Board member for Gas & Power is responsible. Whether she will lead the new group is unclear. Their contract runs out a year after the IPO.
The parent company will retain the blocking minority
Siemens AG will hold broken down at the, still nameless company – internal under the keyword “Siemens Power House” traded after the IPO to a maximum of 49 per cent, said chief financial officer Ralf Thomas. The remaining shares of Siemens distributed to its own shareholders. A blocking minority of more than 25 per cent wool to keep the group on time. According to the same pattern Siemens had also brought the lighting subsidiary Osram on the stock exchange, which is now facing a Takeover by financial investors.
On Wednesday morning, the Munich-based group announced that the profit was further expanded in the second quarter, significantly more than analysts had expected. The adjusted operating result (Ebita) from the industrial business rose between January and March by seven per cent to 2.41 billion euros, Siemens said. Sales climbed by four percent to 20.9 billion euros. With an order intake of € 23.6 billion Siemens screwed the order at the end of March stock to the record level of 142 billion euros. The profit after-tax fell by five percent to 1.92 billion euros.
“We have also delivered this quarter, what we have promised, and in many Parts of the expectations, even exceeded them,” said CEO Joe Kaeser.
zdh/bea (rtr, dpa)