Key Points
- Siemens transfers 6.8% stake in Siemens Energy to Siemens pension trust, reducing its overall investment in the company.
- The move aligns with Siemens’ strategy to scale down its participation in Siemens Energy.
- The transfer strengthens Siemens’ pension assets in Germany and helps mitigate the impact of Siemens Energy’s profit warning on fiscal 2023 earnings per share.
Siemens has announced that it has successfully transferred 6.8% of its stake in Siemens Energy to the Siemens pension trust. This transfer to Siemens Pension-Trust e.V. serves to strengthen the company’s pension assets in Germany while simultaneously reducing its overall investment in Siemens Energy, as stated in an official statement by Siemens.
This move aligns with Siemens’ previous announcement to gradually decrease its participation in Siemens Energy. It comes in response to Siemens Energy’s recent withdrawal of its profit guidance for fiscal year 2023.
As a result of the transfer, Siemens now holds a reduced stake of 25.1% in Siemens Energy, down from the previous 31.9%.
Siemens Pension-Trust e.V., an independent entity, assumes responsibility for managing Siemens’ pension funds, according to Siemens.
This reduction in Siemens’ stake in Siemens Energy represents another step towards streamlining the German industrial company’s portfolio. The transferred 6.8% slice of Siemens Energy is estimated to have a value of approximately EUR850 million. Furthermore, this transfer is expected to partially alleviate the anticipated 2% to 3% impact on Siemens’ fiscal 2023 earnings per share resulting from Siemens Energy’s earlier profit warning.
About Siemens
Siemens AG (XETRA: SIE-DE) is a Germany-based technology company focused on industry, infrastructure, transport, healthcare. From more resource-efficient factories, resilient supply chains, and smarter buildings and grids, to cleaner and more comfortable transportation as well as advanced healthcare, the company creates technology with purpose adding real value for customers. By combining the real and the digital worlds, Siemens empowers its customers to transform their industries and markets, helping them to transform the everyday for billions of people.
It operates through following segments: Digital Industries, which offer products and system solutions for automation used in discrete and process industries; Smart Infrastructure, which supplies and connects energy systems and building technologies; Mobility, which combines all businesses in the area of passenger and freight transportation; Healthcare, which supplies technology to the healthcare industry and engages in diagnostic imaging and laboratory diagnostics; Energy, through Siemens Energy, a global leader in the transmission and generation of electrical power; Financial Services (SFS), which offers leasing solutions and equipment, project and structured financing in the form of debt and equity investments. To learn more, visit www.siemens.com
Credits: Photo from siemens.com