MUNICH - Siemens is 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.
Siemens said the Gas and Power division, which includes its oil and gas, conventional power generation, power transmission and related services businesses, will be set up as a standalone company with the aim of a public listing by September 2020. Siemens also plans to include its 59 percent stake in wind energy company Siemens Gamesa Renewable Energy in Gas and Power.
“It’s the right thing to do; it’s necessary and courageous to trigger the planned changes when the company is doing well,” Siemens chairman Jim Hagemann Snabe said.“If the unit were to stay part of Siemens, investments would be further reduced. Thus the business would literally be starved to death,” Siemens works council head Birgit Steinborn, who is also deputy chairwoman of the company, said in a statement.
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