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Siemens' Gas and Power to be separately managed, will cut 10,400 jobs

Christian Fernsby |
Siemens' Gas and Power (GP) is to be given complete independence and entrepreneurial freedom through a carveout and a subsequent public listing (spinoff).

n addition, Siemens AG plans to contribute its majority stake in the market-leading renewable energies company SGRE currently 59 percent to GP.

Plans call for the stock exchange listing to take place by September 2020.

Siemens will also give up its majority stake in GP.

However, it will remain a strong anchor shareholder in the new company, with a stake that is to be initially somewhat less than 50 percent and, for the foreseeable future, above the level of a blocking minority holding.

Siemens will continue to support the new company, for example, through the professional services of Siemens' Financial Services, the strong sales network of the Siemens Regions and the licensing of the powerful Siemens brand.

A decision regarding the spinoff and subsequent public listing is to be made at an extraordinary shareholders' meeting, probably in June 2020.

Siemens will then deconsolidate both the new GP and SGRE.

Siemens said it would cut about 10,400 jobs and create about 20,500 new jobs by 2023.

Siemens expects to create about 20,500 new jobs by 2023. Taking into account the roughly 10,400 efficiency-related workforce adjustments, there will be a net increase of about 10,000 jobs worldwide within the same time period.

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