New gas company gets majority share of Siemens Gamesa

Siemens intends to spin off its strained power plant division as an independent company, which will be given majority control of the wind turbine manufacturer.

Industrial conglomerate Siemens intends to spin off its power plant division, Gas and Power. The spin-off of the strained company, which has tainted the German company's results for a while due to declining demand for gas turbines, is meant to create a new "major player" on the energy market with a business volume of EUR 30 billion and more than 80,000 employees, announces Siemens.

"It's the right thing to do; it's necessary and courageous to trigger the planned changes when the company is doing well," states Siemens AG Chair Jim Hagemann Snabe.

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