Siemens Energy extends CEO Contract as Recovery Continues
Siemens Energy announced on Wednesday that it had extended Christian Bruch's contract for another five years. This is the latest indication that the power equipment provider has made a turnaround following a major wind turbine crisis. Bruch has been leading the former Siemens AG division, since 2020. Last year, a plan to buy the remaining shares of Siemens Gamesa, a wind unit, caused the company to be in turmoil because of quality issues. Christian Bruch and his team raised the conventional business with unmatched commitment to new levels and stopped the existence decline of the wind industry.
Siemens to Give Shareholders 55% of Energy Business Spin-off
Siemens will give 55% of its power business to shareholders when it spins it off in September, the German engineering group said on Tuesday, the latest stage in its shift away from a sprawling conglomerate.The trains to industrial software maker then wants to "significantly" reduce its remaining 45% position within 12 to 18 months after the shares are listed on Sept. 28, Siemens said, detailing the separation it announced a year ago.The flotation would be one of the biggest IPOs this year as companies avoided…
Siemens Plans to List Energy Unit in 2020
Siemens plans to list its energy unit by around September next year, the head of its gas and power division said on Tuesday.The German conglomerate said in May that it was spinning off its gas and power business, which has dragged on the German engineering firm's performance as the rise of renewable power hits demand for gas turbines."We are very excited about what the company will have in its portfolio and then for the company to be a separate listed entity next year about this time will allow it to be very independent and very focused on the energy market…
Siemens Exits Power, Gas, Renewable Biz
German conglomerate Siemens AG said it will spin off and give up its majority stake in its energy division and merge it with separately listed wind turbine supplier Siemens Gamesa Renewable Energy (SGRE), creating a new multi-technology global energy powerhouse. The company’s supervisory board announced the spinoff on May 7 as part of its Vision 2020+ strategy concept. The board said the move would help Germany-based Siemens meet medium-term growth and profit targets by “clearly focusing its portfolio on dynamic growth markets and efficiency gains.”"Siemens’ Gas and Power (GP) – comprising the company’s oil and gas…
Novatek, Siemens Sign LNG Partnership
Russia's natural gas producer Novatek and German engineering giant Siemens have signed a strategic partnership agreement that covers cooperation in the liquefied natural gas (LNG) sector.Novatek said in a press release that the agreement was signed by Novatek Chief Executive Leonid Mikhelson and his Siemens counterpart Joe Kaeser in Moscow.According to the agreement, the parties intend to strengthen and develop the strategic partnership and cooperation in integrated gas-to-power projects on a “turn-key” basis inclusive of LNG supply…
Siemens, China's SPIC Eye Link-up in Gas Turbines
Siemens and China's State Power Investment Corporation (SPIC) have entered into a memorandum of understanding confirming their intention to collaborate on heavy-duty gas turbines, the German group said on Monday."The signing today will expedite finalisation of a technology cooperation agreement in the near future," Siemens said in a statement.Under the agreement, Siemens will support SPIC's research and development of heavy gas turbines as well as provide training and technical consultation.Heavy gas turbines have been a trouble spot for Siemens, which has been confronted with collapsing demand from power companies which are switchi
Siemens CEO Tries to End Row with Iberdrola Over Siemens Gamesa
Siemens on Wednesday tried to end a dispute with Spanish utility Iberdrola over Siemens Gamesa, the world's second-largest wind turbine maker in which they both hold significant stakes. Iberdrola has viewed critically Siemens's large influence over Siemens Gamesa following last year's merger, which left Iberdrola with an 8.1 percent stake in the combined entity, compared with Siemens's 59 percent. Iberdrola had been Gamesa's top shareholder before the tie-up. "Iberdrola is both a very valued customer and an important shareholder of Siemens Gamesa.
Investors Welcome Signals Siemens CEO Will Stay On
Siemens Chief Executive Joe Kaeser has signaled he wants to renew his contract when it runs out in 2018, a move welcomed by investors who have grown to trust the 59-year-old company veteran. Kaeser ousted his predecessor Peter Loescher in a boardroom coup in July 2013 when he was finance chief. Since then he has streamlined the German group to focus on its strengths in industrial engineering, raised profitability and seen the share price respond this year. There is still work to be done but investors believe Kaeser deserves a new contract.
Siemens Plans to Invest €5 Bln in Argentina
Germany's Siemens plans to invest 5 billion euros in infrastructure, mobility and energy management in Argentina, creating some 3,000 jobs, CEO Joe Kaeser said on Wednesday. "We are ready to go today because we also brought $3.1 billion euro committed financing so we not only can build the power stations and mobility management, we can also finance it," Kaeser said at the Argentina Business & Investment Forum. (Reporting by Luc Cohen; Writing by Caroline Stauffer)
GE, Senvion Prepare Bids for Adwen
General Electric and German wind turbine maker Senvion are preparing bids for French wind power group Adwen, which is jointly owned by Spain's Gamesa and France's Areva, people familiar with the matter said. German industrials group Siemens is due to take over Gamesa's 50 percent stake in Adwen as part of its 1 billion euro ($1.1 billion) deal to buy a majority stake in Gamesa. It has also made an offer for Areva's stake in Adwen. However, under the terms of a side-deal agreed in connection with Siemens's buyout of Gamesa, Areva has until mid-September to look for an alternative buyer. The companies declined to comment.
Siemens CEO Declines Comment on Reports of Delays to Gamesa Deal
Siemens Chief Executive Joe Kaeser declined to comment on Friday on media reports of a delay in the planned merger of its wind power business with Spain's Gamesa. He was asked about the reports at a discussion event hosted by the Rheinische Post newspaper on Friday. Gamesa said in January it was in talks with Siemens to create a world-leading wind power company that would have roughly 10 billion euros ($11 billion) in sales. But sources have told Reuters that the deal has been held up by complications relating to Gamesa's joint venture with French energy group Areva.
Siemens CEO Confirms Delays with Gamesa Deal
Siemens Chief Executive Joe Kaeser confirmed a delay in the planned merger of its wind power business with Spain's Gamesa, declining to comment on the reason. "The media reports are correct," he said at a discussion event hosted by the Rheinische Post newspaper on Friday. He did not elaborate. Gamesa said in January it was in talks with German industrial group Siemens to create a world-leading wind power company that would have roughly 10 billion euros ($11 billion) in sales. But sources have told Reuters that the deal has been held up by complications relating to Gamesa's joint venture with French energy group Areva.
Rosneft, Siemens Ink Partnership Deal
Rosneft and Siemens AG signed a Cooperation and Partnership Agreement. The document was signed by Rosneft Chairman of the Management Board Igor Sechin and Siemens AG Chairman of the Management Board Joe Kaeser. The agreement provides for the companies to study opportunities for cooperation in the development of technical solutions and manufacturing allocation of equipment for the fuel and energy sector. Areas of cooperation include projects of hydrocarbon production, refining and transportation, as well as shipbuilding.
Siemens Could Expand Egypt Power Deal
Siemens could win an expansion of its record 8 billion euro ($8.8 billion) power deal with Egypt, the German industrial group's chief executive said in a staff newsletter. Joe Kaeser said Egypt, whose state-run electricity grid is creaking under the weight of fast-growing demand, needed extra capacity before the start of the hot summer months - faster than Siemens could build new turbines under the existing deal. "We had to come up with a good plan as to how we could help - and this plan pleased the president," Kaeser said after a trip to Egypt during which he met President Abdel Fattah al-Sisi.
Siemens Setting up Wind Power Plant in Germany
Siemens is investing around €200 million to a wind turbine manufacturing facility in Cuxhaven, Germany. A few days after announcing this project an official signing ceremony took place at the planned site of the factory. The new production will be located directly at the edge of the harbor and will have a surface area of 170,000 square meters – the size of roughly 24 soccer fields. By mid-2017 the production of nacelles for the next-generation wind turbines D7 is to begin. This includes the final assembly of generators, hubs, and nacelle back-ends which are all connected to form complete nacelles.
Siemens Taps Cuxhaven for Wind Power Plant
Siemens to invest 200 million euros in new plant; CEO says decision represents commitment to Germany. Siemens has chosen the German coastal town of Cuxhaven as the location for a new wind power components plant, creating up to 1,000 new jobs in its home country where it is axing more than a thousand elsewhere at its gas turbines unit. The German industrial group will invest 200 million euros ($217 million) in the factory, its biggest German manufacturing facility in years. The plant will build nacelles, the box-like component that sits on top of the tower and contains the main technical parts of the turbine.
Siemens Could Still be Interested in Alstom
Siemens could still be interested in buying power-generation assets from French rival Alstom on the same terms it offered a year ago if General Electric's deal to buy them falls through, a senior management source said. However, the Germany company sees the pace of change slowing down after a flurry of acquisitions, disposals and job cuts, the person added on Monday. Chief Executive Joe Kaeser has transformed the Munich-based group since taking the helm almost two years ago, aiming to focus on core strengths in automation, electrification and mobility and close a profit gap with GE and other rivals.
Siemens May Build New Wind Power Gear Plant
German industrial group Siemens is considering building a new plant in Germany to produce parts for wind turbines, its chief executive told a German newspaper. The move would help Siemens capitalise on a shift to renewable energy from fossil fuels that has hurt its gas turbines business and driven the company to cut more than a thousand jobs in Germany. Joe Kaeser did not say where in Germany Siemens might build the plant, which would complement the company's wind-turbine plants in Denmark and England. "Up to 1…
Siemens CEO Gives up on German Fossil Fuel Plants
Industrial group Siemens has resigned itself to never selling another gas turbine in its home country following Germany's switch to renewable energy, its chief executive said. Joe Kaeser is cutting 1,600 jobs at Siemens' power and gas division, which has been turned upside down by the fallout from Germany's decision to accelerate its nuclear exit and promote renewable energy following Japan's 2011 Fukushima disaster. "The way in which Germany's energy transition is being handled has made it impossible for us to ever sell our fossil fuel-related products and solutions in Germany…
Siemens CEO Fears Impact of Oil Price Drop
German industrial group Siemens is worried that the slump in oil prices is discouraging oil-exporting countries from investing in infrastructure, Chief Executive Joe Kaeser said on Thursday. "That's something we are seeing already. It's not cancellation but it's pushing out orders and the bid activity has become quite... slow," Kaeser told investors at a Bank of America Merrill Lynch conference in London. Reuters monitored the conference via webcast. Siemens shares dropped 2.6 percent to 102.60 euros by 1006 GMT, and were the leading decliners in a flat German blue-chip DAX index.
