Siemens Combines Wind Energy Generation With Flender

Siemens AG (SMAWF) said Tuesday that its portfolio company Wind Energy Generation, also known as WG, has been incorporated into Siemens's (SMAWF) German subsidiary Flender GmbH.

The German engineering conglomerate said the move fits into its plan to publicly list Flender in 2021.

As a result of the operation, Siemens (SMAWF) said, Flender will be able to add electro-technical capability in the production of generators for the wind industry, while its position in the wind power sector will benefit WG, which focuses on wind generators and converters.

"We're already working together on a hybrid powertrain, which promises new growth potential in the wind area," said Flender Chief Executive Andreas Evertz.

Siemens (SMAWF) said WG will retain its organization after the transfer to Flender, and that the integration of WG sites outside of Germany will be completed by Feb. 1.

The listing of Flender will happen via a spinoff, Siemens (SMAWF) said, with company shareholders set to vote on the proposal at the ordinary shareholders' meeting in February.

WG and Flender have a combined revenue of about 2 billion euros ($2.39 billion), Siemens (SMAWF) said.

Write to Cecilia Butini at cecilia.butini@wsj.com


  (END) Dow Jones Newswires
  09-01-20 0513ET
  Copyright (c) 2020 Dow Jones & Company, Inc.

News, commentary and research reports are from third-party sources unaffiliated with Fidelity. Fidelity does not endorse or adopt their content. Fidelity makes no guarantees that information supplied is accurate, complete, or timely, and does not provide any warranties regarding results obtained from their use.