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The capex cycle in power generation and grid infrastructure has become sharp enough to force portfolio choices at the largest European energy technology groups.
Siemens Energy said Tuesday it has begun legal and operational preparations to separate its Transformation of Industry division, a business that generated €5.7 billion in revenue in fiscal 2025 and employs around 17,000 people.
The company intends to deconsolidate the unit while retaining what it described as a meaningful minority stake. The separation turns on a capital rationing argument.
Chief Executive Christian Bruch has said the Transformation of Industry unit has become profitable and is growing, but competes for investment against Siemens Energy operations offering faster growth and higher near-term returns.
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