Siemens Combines Wind Energy Generation With Flender

   By Cecilia Butini 
 

Siemens AG said Tuesday that its portfolio company Wind Energy Generation, also known as WG, has been incorporated into Siemens's 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 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 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 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 said.

Write to Cecilia Butini at [e-mail]

(END) Dow Jones Newswires

September 01, 2020 05:13 ET (09:13 GMT)

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