Siemens AG’s shareholders have approved a spin-off of the company’s energy business. In the future, the company will concentrate on digital industries, smart infrastructure and Siemens Mobility.

A large majority of Siemens shareholders (99.36% of the capital stock represented) voted at Thursdays extraordinary shareholders’ meeting to approve a spin-off of the company’s energy business to Siemens Energy AG. This step paves the way for the establishment of an independent company rigorously focused on the energy sector, emphasises the press release.

Following the planned spin-off, Siemens AG will hold a 35.1% stake, and Siemens Pension-Trust e.V. will hold an additional 9.9% stake. The company intends to further reduce its stake in Siemens Energy significantly within 12 to 18 months, depending on the strategic and operational development of the two companies. The initial listing is to take place on 28 September, according to markets.businessinsider.

In the future, Siemens AG will concentrate on digital industries, smart infrastructure and Siemens Mobility. “The spin-off enables us to build two focused companies, both of which will be strong players in their respective sectors,” said Joe Kaeser, the president and CEO of Siemens AG. 

Siemens Energy's products include gas turbines, steam turbines, generators, transformers and compressors. According to the combined financial statements of Siemens Energy AG, as of 30 September 2019 Siemens Energy generated revenue of about EUR 29 billion in the fiscal year 2019.