Siemens Details Spinoff of Energy Business
The post Siemens Details Spinoff of Energy Business appeared first on POWER Magazine.
The parent of Siemens Energy on May 26 provided details of the planned spinoff of the company’s energy business, saying 55% of Siemens Energy will be spun off to Siemens’ shareholders. The company said Siemens shareholders would automatically receive one share of Siemens Energy AG for every two shares they own of the parent, Siemens AG.
The company in its news release Tuesday said Siemens AG plans to further reduce its stake in the new business within 12 to 18 months of the effective date of the spinoff. The company, like others in the power generation business such as General Electric and ABB, has been restructuring its operations as the global energy landscape continues to evolve, with an increased emphasis on renewable power and a lessening of dependence on fossil fuels. ABB in late 2018 announced Hitachi would acquire more than 80% of the company’s Power Grids unit in an $ 11 billion deal.…
