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Siemens may plan to sell its production of gas turbines

Business, Germany, Siemens

The German concern Siemens is considering various strategic options for developing its business, including the potential sale of its gas turbine business for power plants.
This is reported by Bloomberg with reference to sources familiar with the course of discussions.

The final decision has not been made yet, Siemens is still assessing its capabilities and risks from different scenarios. Among the initiatives under consideration, there is an association with competitors, the agency's interlocutors specified. At the same time, the sources assured that the company can cope with the crisis in the industry and keep this business.

A Siemens representative told the agency that the company will not comment on market speculation. Against the backdrop of reports of a possible sale of gas turbine production, Siemens shares in Frankfurt rose by 2.7% to 17:29 Moscow time.

The idea of ​​selling or merging Siemens, which produces gas turbines, began to be discussed in the concern after the company announced in November 2017 plans to reduce about 6.9 thousand jobs worldwide as part of restructuring and to improve its competitiveness on the world market. Earlier, Siemens CEO Joe Keser noted in an interview that the turbine business is not part of the future "industrial core" of the concern.

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