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5/7, 6:43 PM (Source: TeleTrader)
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Siemens-1.53%

116.14
Chart for: SIEMENS AG  NA O.N.

Siemens to spin off its Gas and Power division

Siemens AG's board of directors unanimously approved the spinoff of its Gas and Power division, which is comprised of oil and gas, conventional power generation, power transmission and related services businesses, as a part of its Vision 2020+ strategy, the company announced on Tuesday. The German conglomerate said that it will also incorporate its wind power subsidiary Gamesa with the new company, which should be listed on the stock exchange by September 2020.

Further, Siemens stated it will fire roughly 10,400 employees worldwide while creating some 20,500 new jobs by 2023, saving some €2.2 billion.

"With Vision 2020+, we’re further sharpening Siemens' focus and making our businesses faster and more flexible. These changes are laying the foundation for sustainable economic success in growth markets that will be attractive over the long term. We’re also creating solid perspectives for those businesses that have to prove themselves in the structural transformation now underway and address new growth fields," CEO Joe Kaeser said in a press release.

Breaking the News / MD