A large majority of shareholders of German industrial giant Siemens have approved the planned spin-off and listing of the company’s energy business.
The company announced the plan was supported by 99.36% of the capital stock represented at its meeting, which was virtually held due to the Coronavirus crisis.
This step paves the way for the establishment of an independent company – Siemens Energy – that will be focused on the energy sector, offering gas and steam turbines, generators, transformers and compressors.
It will also offer wind turbines through its majority stake of 67% in Siemens Gamesa.
Siemens AG will concentrate on Digital Industries, Smart Infrastructure and Siemens Mobility.
Joe Kaeser, President and CEO of Siemens AG said: “Siemens shareholders’ broad approval of the spin-off of Siemens Energy confirms the Managing Board’s strategic course for securing the long term future.
“The spin-off enables us to build two focused companies, both of which will be strong players in their respective sectors.”