It also wants to spin off its gear, converter and generator business Flender. Siemens cheered investors on Wednesday by saying it would spin off its faltering 30 billion euro ($34 billion) gas-turbines business and posting better-than-expected quarterly earnings. The business, which employs 91,000 people, has also been given liquidity worth 6.2 billion euros and has 3 billion euros in credit facilities. The company added that it intends to further reduce its stake in Siemens Energy significantly within 12 to 18 months, depending on the strategic and operational development of the two companies. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. MarketBrief: How to Maneuver More Volatility, U.S. Markets Will Need Some Stimulus: PineBridge's Nicola, #TradeTalks: How Liquidity has Shifted in 2020 #STAVirtualConference, Why Warren Buffett's Protege Just Bought This Dirt-Cheap Brick-and-Mortar Retailer, var dom1 = document.querySelector('#form1783 #field1');var field1 = new LiveValidation(dom1, {validMessage: "", onlyOnBlur: false, wait: 300});field1.add(Validate.Presence, {failureMessage:"This field is required"});field1.add(Validate.Format, {pattern: /^([^@\s]+)@((?:[-a-z0-9]+\. The flotation would be one of the biggest IPOs this year as companies avoided the market since the coronavirus outbreak spread globally in March. Chez Siemens Healthineers, nous accompagnons les prestataires de santé vers des solutions fondées sur la notion de valeur, en soutenant l’expansion de la médecine de précision, la transformation des parcours de soins, l’amélioration de l’expérience patient et la digitalisation de la santé. Easy to integrate into your surgical routine, it features dedicated 3D technologies that allow you to confirm your planned results. Siemens gave no indication of the market capitalisation of Siemens Energy, which had sales of 29 billion euros ($31.82 billion) and which JP Morgan analysts valued at around 10 billion euros. Siemens shareholders would automatically receive one share of Siemens Energy AG for every two shares of Siemens AG. It plans to pay out dividends of 40-60% of net income, although it does not expect to make a payout for 2020. All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays. Siemens will give 55% of its power business to shareholders when it spins it off in September, the German engineering group said on Tuesday, the latest stage in its shift away from a sprawling conglomerate. Over the past 10 years Siemens shares have gained 38%, significantly less than the 83% gain of the industrial sector, as weaker performing divisions like gas and power have dragged on results. It hopes by simplifying its operations it will end the so-called conglomerate discount its shares have suffered. Despite current market turmoil, Siemens said the Siemens Energy business had sufficient financial strength to be a success. © 2020, Nasdaq, Inc. All Rights Reserved. Siemens is spending around 110 million euros to quit the business and concentrate on factory automation, smart buildings and its transport business. nodes[i].dataset.subscription : nodes[i].getAttribute('data-subscription'); if(status ==='true') {nodes[i].checked = true;}}};var nodes = document.querySelectorAll('#form1783 select[data-value]'); if (nodes) { for (var i = 0; i < nodes.length; i++) { var node = nodes[i]; var selectedValue = node.dataset ? During the 2019 business year the business generated adjusted operating profit of 1.3 billion euros and had an order backlog of 77 billion euros. Despite current market turmoil, Siemens said the Siemens Energy business had sufficient financial strength to be a success. Siemens said shareholders would get one share in the Siemens Energy business for every two shares they hold in Siemens. Siemens Healthineers at VIRTUAL EUROSPINE 2020 ... To provide 3D capabilities that can be seamlessly integrated into clinical routine, we developed Cios Spin®: a mobile 2D and 3D C-arm for intraoperative quality control. Following the Spin-off resolution by the managing and supervisory board of Siemens AG on May 22, 2020, the shareholders of Siemens AG still had to decide on the Spin-off at an Extraordinary Shareholders' Meeting on July 9, 2020. Siemens has already separated hospital equipment business Siemens Healthineers, whose stock has risen 37% since its market debut in March 2018. “The spin-off enables us to build two focused companies, both of which will be strong players in their respective sectors. Joe Kaeser, President and CEO of Siemens AG, said, "Following the highly successful initial public offering of our healthcare business, we're laying the cornerstone today for two more focused Siemens companies. As independent units within the Siemens Ecosystem, the companies will be able to operate in the future with far greater speed, flexibility and success. The Spin-off of Siemens Energy was approved by a large majority of 99.36% of Siemens shareholders. It also wants to spin off its gear, converter and generator business Flender. “Siemens shareholders’ broad approval of the spin-off of Siemens Energy confirms the Managing Board’s strategic course for securing the long-term future,” said Joe Kaeser, President and CEO of Siemens AG. It plans to pay out dividends of 40-60% of net income, although it does not expect to make a payout for 2020. Siemens AG Shareholders To Vote On Spin Off Of 55% Stake In Siemens Energy, [UPDATED] Russian Man Turns Tables on Bank, Changes Fine Print in Credit Card Agreement, Then Sues, Now Settles, What Apple (AAPL) Investors Can Expect Following Tomorrow's Event, AMD in advanced talks to buy Xilinx in over $30 bln deal - WSJ. The energy business -- which makes gas turbines, wind power generators, transformers and compressors -- saw revenue fall 4% in 2019 while its operating profit margin was 7.1 percentage points below the group level. )+[a-z]{2,})$/i, failureMessage: "A valid email address is required"});var dom2 = document.querySelector('#form1783 #field2');var field2 = new LiveValidation(dom2, {validMessage: "", onlyOnBlur: false, wait: 300});field2.add(Validate.Presence, {failureMessage:"This field is required"});var dom11 = document.querySelector('#form1783 #field11');var field11 = new LiveValidation(dom11, {validMessage: "", onlyOnBlur: false, wait: 300});field11.add(Validate.Custom, {against: function(value) {return !value.match(/(telnet|ftp|https?):\/\/(?:[a-z0-9][a-z0-9-]{0,61}[a-z0-9]\.|[a-z0-9]\. “The considerable increase in the value of our healthcare business shows the huge potential we can tap by further sharpening the focus of our company,” said Chief Executive Joe Kaeser, who is due to become chairman of Siemens Energy. Siemens has already separated hospital equipment business Siemens Healthineers, whose stock has risen 37% since its market debut in March 2018. (Reporting by John Revill; Editing by Michael Shields), Roche confirms 2020 outlook as COVID-19 diagnostics surge, Healthineers launches rapid coronavirus antigen test, sees tight supply, Siemens in talks with buyout groups over Flender business -sources, Countries turn to rapid antigen tests to contain second wave of COVID-19. Two Customers Honored with SDCE Women in Supply Chain Awards - Demand Solutio.. Siemens-Easy configuration with new 80 GHz compact radar transmitters for lev.. SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO., LTD. The future Siemens AG will focus on the areas of automation, digitalization, intelligent infrastructure and mobility. Furthermore, Siemens AG will no longer exercise a controlling influence, nor will it fully consolidate the new company. (RTTNews) - Siemens AG (SIEGY.PK, SMAWF) announced Thursday that its shareholders will vote on its proposal to spin off 55 percent of Siemens Energy to them. Munich-based Siemens is pulling out of gas and power as customers switch from traditional fossil fuels to renewable sources to generate electricity. I would like to receive Nasdaq communications related to Products, Industry News and Events.You can always change your preferences or unsubscribe and your contact information is covered by our Privacy Policy. Founded in the late 1990s by Andrew Mariathasan in New York, with the goal of covering Wall Street for a new generation of investors, RTTNews has expanded steadily over the years to become a trusted provider of content for a wide array of subjects across several platforms. Yes! Over the past 10 years Siemens shares have gained 38%, significantly less than the 83% gain of the industrial sector, as weaker performing divisions like gas and power have dragged on results. Are Markets Underpricing Pandemic Impact? "The considerable increase in the value of our healthcare business shows the huge potential we can tap by further sharpening the focus of our company," said Chief Executive Joe Kaeser, who is due to become chairman of Siemens Energy.
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