Siemens and Gamesa merge wind turbine units, create new leader
Siemens and Gamesa agreed to combine their wind-turbine manufacturing operations, creating a new world leader in terms of installed capacity worldwide.
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Following negotiations which had been underway since the start of the year, it was decided that the German engineering group would own 59.0% of the new firm, versus 41.0% for Spain’s Gamesa.
Shareholders in the Spanish company were also set to receive a one-time cash payment of €1bn (£790m).
Their combined installed capacity worldwide would reach 69 gigawatts, more than any other rival, including Vestas and GE, their closest competitors.
“The combination of our wind business with Gamesa follows a clear and compelling industrial logic in an attractive growth industry, in which scale is a key to making renewable energy more cost-effective,” said Siemens chief Joe Kaeser.
The combined Siemens-Gamesa would start life with annual combined revenues of approximately €9.3bn, earnings before interest and taxes of €839m and a backlog of €20bn.
Siemens-Gamesa would have ranked third in sales globally in 2015, behind Xinjiang Goldwind Science & Technology Co. of China and Danish outfit Vestas.
As of 15:58 BST shares in Gamesa were rising 5.50% to €18.04 and those in Siemens by 0.28% to €91.92.