Siemens spinout to create $30bn power giant

May 10, 2019 //By Nick Flaherty
The spinout to create $30bn power giant will include Siemens Gamesa joint venture
Siemens is to spin out its power business, creating an industry giant with 80,000 staff and a turnover of $30bn.

The spinout will include the stake in Siemens Gamesa, one of the world's leading renewable energy equipment suppliers that has contracts with wind farms around the world. This follows a restructuring earlier in the year to focus on power and smart infrastructure. 

The spinout will include battery systems, distributed energy management and electric vehicle charging. It will also include the newly-acquired Silicon carbide string inverter business of the KACO new energy which was only integrated into the newly restructured organisation in April. 

This will leave Siemens focussed on its industrial core of Digital Industries and Smart Infrastructure and save the company €2.2bn by 2023 through 'structural efficiency gains', notably those 80,000 jobs in the spin out. While the structural efficiency gains usually mean job cuts, Siemens says it will actually add 10,000 jobs over that time. It is the leading filer of patents in Europe, mostly around Internet of Things (IoT), digital twin and Industry 4.0 that will now make up the majority of the company.

The Smart Infrastructure and Digital Industries divisions include EDA tool vendors Mentor Graphics and Solido as well as the Building Technologies Division (BT), Digital Factory Division (DF) and large parts of its Process Industries and Drives Division (PD).

www.siemens.com

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