GCTAY Siemens Gamesa Renewable Energy (PK)

   By Nathan Allen 
 

Siemens AG (SIE.XE) said Tuesday that it plans to carve out its gas-and-power division ahead of a potential public listing and in order to keep significant influence in the new company.

"In conjunction with these measures, Siemens plans to transfer its stake in Siemens Gamesa Renewable Energy SA to the new company," Siemens said.

Siemens plans for the call for the public listing of the new company to take place by September 2020.

The supervisory board approved the proposals at a meeting on Tuesday.

The business, which designs and installs components for the energy industry, has been struggling with a global slowdown in demand for conventional power plants, weighing on group earnings.

In September, Siemens launched a savings drive and said it would cut around 2,900 jobs in Germany at its fossil fuels-focused businesses, with the bulk coming from gas and power.

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

May 07, 2019 12:11 ET (16:11 GMT)

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