Siemens Energy AG

Siemens Energy AG is the name of a company that was created on April 1, 2020, as a result of a restructuring of the Siemens Group. To this end, Siemens AG transferred its energy division to the new independent company. Until March 31, these activities were organized as the so-called Operating Company Gas and Power and in the independent so-called Strategic Company Siemens Gamesa, both were merged into the new company.[1]

Siemens Energy AG
TypeAktiengesellschaft
FWB: ENR
IndustryEnergy technology
PredecessorA. Reyrolle & Company
Siemens-Schuckert
Siemens-Reiniger-Werke
Siemens AG
Founded1 April 2020 (2020-04-01)
Munich
HeadquartersMunich, Germany
Key people
Christian Bruch
(CEO)
Revenue€27 billion (2019)
Number of employees
88,000 (2019)
Websitewww.siemens-energy.com

Shortly before the planned spin-off of the energy division, it was announced that Christian Bruch of Linde would become CEO of the new company. The current CEO of Siemens AG Joe Kaeser is to become the chairman of the supervisory board.[2]

The initial public offering of Siemens Energy AG is planned for September 2020.[3] At an Extraordinary Shareholders' Meeting of Siemens AG on July 9, its shareholders approved the split-up of the company.[4] Trading of the shares of the new Siemens Energy AG on the Frankfurt Stock Exchange began on September 28.[5]

History

The energy division has been an essential part of the company since the foundation of the group by Werner von Siemens and Johann Georg Halske. Important organizational milestones were the founding of Siemens-Schuckertwerke in 1903, the formation of the Power Engineering Division in 1969 in the newly founded Siemens AG, and the bundling of activities in the Siemens Energy Sector in 2008.

References
  1. "Siemens baut fokussierten Energieriesen". Siemens AG.
  2. "Senvion: Paukenschlag bei Siemens - Sen wirft kurz vor Börsengang hin". www.manager-magazin.de.
  3. "Neues Energieunternehmen heißt Siemens Energy". Siemens AG.
  4. "Siemens-Hauptversammlung: Kaeser will keine Kohle mehr". www.manager-magazin.de.
  5. "Siemens' $18 billion energy spin-off falls in Frankfurt debut". Reuters. 2020-09-28. Retrieved 2020-09-30.
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