Siemens: combines two wind power units
(CercleFinance.com) - Siemens said on Tuesday that it will combine its wind energy generation business with its Flender unit, one of the world's leading manufacturers of transmissions for wind turbines.
The German industrial group said the move is a "major milestone" ahead of Flender's planned IPO in 2021.
With the deal, Flender will add electro-technical expertise in generators for the wind industry, meaning that the combined company will become a "global technology leader" with a competitive cost base and an attractive service business, Siemens said.
Both units have around 8,500 employees and pro-forma revenue of roughly two billion euros.
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The German industrial group said the move is a "major milestone" ahead of Flender's planned IPO in 2021.
With the deal, Flender will add electro-technical expertise in generators for the wind industry, meaning that the combined company will become a "global technology leader" with a competitive cost base and an attractive service business, Siemens said.
Both units have around 8,500 employees and pro-forma revenue of roughly two billion euros.
Copyright (c) 2020 CercleFinance.com. All rights reserved.