ZURICH, Nov 17 (Reuters) – Siemens (SIEGn.DE) will mix 5 of its companies into an impartial motors and drives firm with income of round 3 billion euros ($3 billion), Chief Government Roland Busch mentioned on Thursday.
The German engineering firm mentioned its massive drives purposes and Sykatec, a steel part maker and in addition a part of its portfolio corporations, will likely be joined collectively.
They are going to be joined with Siemens’s high-precision motor spindles unit, Weiss Spindeltechnologie, together with its low voltage motors and geared motors divisions from Digital Industries, after administration noticed all of them share suppliers, prospects and applied sciences.
“We have determined to mix these companies throughout fiscal 2023 to kind a brand new firm with its personal authorized setup,” Busch advised reporters after Siemens reported its Q4 earnings.
“We’re satisfied that this built-in motors and enormous drives supplier – with excessive worth creation – will likely be considerably stronger and extra resilient than every enterprise can be if it operated independently.”
The brand new firm would have 14,000 workers and function in a marketplace for electrification and energy conversion estimated to be price round 20 billion euros, Siemens mentioned.
It’ll compete with Switzerland’s ABB (ABBN.S) and Japan’s Yaskawa . Siemens will stay lively within the industrial motors enterprise through its servo motors enterprise, which makes motors for robots and built-in manufacturing traces.
Busch didn’t specify if the plan was to finally float, spin off or promote the brand new firm.
“The objective is to make the mixed enterprise fully impartial of Siemens to be able to guarantee it may well attain its full worth and margin potential and optimally put together for future success,” he mentioned.
($1 = 0.9640 euros)
Reporting by John Revill; Enhancing by Tom Hogue
Our Requirements: The Thomson Reuters Trust Principles.
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