Siemens to merge wind businesses with Gamesa

Siemens and Gamesa have signed binding agreements to merge Siemens’ wind power business, including wind services, with Gamesa.
  “Siemens will receive newly issued shares of the combined company and will hold 59 per cent of the share capital while Gamesa’s existing shareholders will hold 41 per cent,” Gamesa said issuing a statement.
“The merger with Siemens constitutes recognition for the work performed by the company in recent years and evidences our commitment to generating value in the long term by creating significant synergies and extending the horizon of our profitable growth,” said Ignacio Martín, Executive Chairman and CEO of Gamesa.
“The combination of our wind business with Gamesa follows a clear and compelling industrial logic in an attractive growth industry, in which scale is a key to making renewable energy more cost-effective. With this business combination, we can provide even greater opportunities to the customers and value to the shareholders of the new company,” said Joe Kaeser, President and CEO of Siemens AG.
“Siemens and Gamesa expect significant synergy potentials in a combined setup. In total, annual EBIT synergies of €230 million are expected in year four post closing,” the statement said.
“Teaming up will enable Siemens and Gamesa to offer a much broader range of products, services and solutions to meet customer requirements. The move will put Siemens and Gamesa in the best position to shape the industry for lower cost of renewable energy to the consumers,” said Lisa Davis, member of the Managing Board of Siemens AG.

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Siemens to merge wind businesses with Gamesa

Siemens and Gamesa have signed binding agreements to merge Siemens’ wind power business, including wind services, with Gamesa.
  “Siemens will receive newly issued shares of the combined company and will hold 59 per cent of the share capital while Gamesa’s existing shareholders will hold 41 per cent,” Gamesa said issuing a statement.
“The merger with Siemens constitutes recognition for the work performed by the company in recent years and evidences our commitment to generating value in the long term by creating significant synergies and extending the horizon of our profitable growth,” said Ignacio Martín, Executive Chairman and CEO of Gamesa.
“The combination of our wind business with Gamesa follows a clear and compelling industrial logic in an attractive growth industry, in which scale is a key to making renewable energy more cost-effective. With this business combination, we can provide even greater opportunities to the customers and value to the shareholders of the new company,” said Joe Kaeser, President and CEO of Siemens AG.
“Siemens and Gamesa expect significant synergy potentials in a combined setup. In total, annual EBIT synergies of €230 million are expected in year four post closing,” the statement said.
“Teaming up will enable Siemens and Gamesa to offer a much broader range of products, services and solutions to meet customer requirements. The move will put Siemens and Gamesa in the best position to shape the industry for lower cost of renewable energy to the consumers,” said Lisa Davis, member of the Managing Board of Siemens AG.

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