Siemens: subsidiary Flender to become standalone company

(CercleFinance.com) - On Friday, alongside the publication of its quarterly results, Siemens has unveiled a plan to spin off and float its subsidiary Flender, one of the world's leading manufacturers of transmissions for wind turbines.


The German conglomerate explains that it intends to initially combine Flender and its wind energy production division - Siemens Wind Energy Generation - to make the new entity a leading supplier in the renewable energy sector.

The project will then be submitted to the group's shareholders at its general shareholder meeting, scheduled for February 2021.

The proposed demerger will therefore be put to its shareholders' vote at an extraordinary meeting in July, before the new company is officially presented to investors and analysts in early September.


Copyright (c) 2020 CercleFinance.com. All rights reserved.