CAPTION: A safety helmet hangs in a production hall in a Siemens Energy plant. The group wants to divest its high-voltage components division. (picture alliance/dpa)
The power engineering group Siemens Energy wants to divest its high-voltage components division and sell it to the financial investor Triton, a spokesman confirmed. He said employees had been informed about the possible sale of the Trench Electric division. However, employee representatives would still have to approve the transaction.
The German business newspaper Handelsblatt further reported that the investor will pay an amount in the mid-three-digit millions.
Siemens Energy expects a loss of billions in the 2022-23 fiscal year, which ended at the end of September, due to considerable problems in the wind business. Against this background, the company wants to focus more on its core business.
The Trench division, with around 2,500 employees, is no longer part of the core business, Handelsblatt wrote. In the unit, the Dax group sells instrument transformers and coils for transformer stations.
Trench's nine plants are to be transferred to the new owner. There are sites in Germany, France, China and Canada, among others. The German-Swedish investor Triton recently made headlines as the owner of the defence supplier Renk when it had to postpone its initial public offering, or IPO.
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