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Siemens wants to bring the power plant division of the stock exchange

In this business field, it is getting worse and worse. Now Siemens wants to gift the shares to its own shareholders.

The technology group Siemens is looking to spin off its ailing power plants division, and until September 2020 at the stock exchange. The company announced on Tuesday evening in Munich.

The Munich-based technology group will keep only a minority stake in the business, the majority of the shares to be given away to the private shareholders. Also the wind power, a subsidiary of Siemens, Gamesa, the group has, so far, 59 percent, is to be introduced in the new company, to include the 80,000 so far, 380,000 employees of Siemens and which comes to 30 billion euros in sales. "In view of the overall situation of the business in the current market environment, the workers accepted these plans according to in-depth analysis and discussion," said the IG Metall in the evening.

The power plant division is considered as crisis division as Siemens has problems to sell gas turbines. There are too many providers for gas turbines are on the market at the same time, the Trend of the energy supply away from nuclear - and coal-fired power plants, to renewable energy sources. In the past financial year, the turnover of the division fell by 14 percent to 12.4 billion euros.

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