Siemens Energy withdraws from hydropower JV with Voith

Siemens Energy plant in Mülheim-Ruhr

Siemens Energy announced on Friday that it had agreed not to disclose the purchase price for 35 percent of the shares in the specialist for hydroelectric power station generators.

(Photo: imago images/Udo Gottschalk)

Düsseldorf The energy technology group Siemens Energy is withdrawing from the joint venture Voith Hydro and is selling its minority stake to its partner Voith. Both companies announced that they had agreed not to disclose the purchase price for 35 percent of the shares in the specialist for hydroelectric power plants.

Voith Hydro was founded in 2000. Voith provided the turbines and Siemens the generators. Most recently, sales were around one billion euros.

The group emphasized that Siemens Energy also wanted to concentrate on its core business with this step. This includes the transport and storage of energy, the decarbonization of industrial processes and the generation of electricity with little or no CO2 emissions. Hydropower plays a subordinate role in this.

In contrast, Voith sees its Hydro division as one of the three pillars of the family group alongside paper machines and drive technology. Voith sees the acquisition as a further strategic step in expanding sustainable technologies. The Swabians referred to the increasing importance of hydropower in the mix of renewable energies.

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“Following a number of strategic acquisitions in the Paper and Turbo divisions, we are pleased that we will be able to push ahead with the expansion of hydropower even more consistently in the future with the complete takeover of Voith Hydro,” said a spokeswoman. Voith builds and markets pumped storage power plants worldwide. We therefore see great potential for sustainable, profitable growth in Voith Hydro, the spokeswoman said.

Voith is one of the major family companies with sales of EUR 4.2 billion and 20,000 employees at more than 60 locations worldwide. Voith can afford the acquisition because the company has not yet fully reinvested 1.2 billion euros from the sale of its shares in the robot manufacturer Kuka four years ago. “Even after the takeover of the Siemens shares, we have additional funds for further acquisitions,” said the spokeswoman.

More: “Management has to do some rework”: Siemens Energy increases pressure on wind power subsidiary

Handelsblatt energy briefing

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