Siemens preps power and gas spinoff in 2020
Shares in Siemens rose by 4.3% on Wednesday morning after the German engineering conglomerate released its second-quarter earnings and announced it plans to spin off its gas and power business.
Siemens’ power and gas division is a €30bn revenue unit with more than 80,000 employees.
The new company will include Siemens’ 59% stake in Gamesa, the Spanish maker of wind turbines, which the company says will give customers a full range of options under one brand.Siemens plans ...
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