Siemens Wind Energy Generation integrated into Flender GmbH, Siemens AG’s wholly-owned subsidiary

• Important milestone for planned Flender listing
• The two Portfolio Companies’ businesses a perfect fit
• Combined company to strengthen global technology leadership

Siemens Wind Energy Generation integrated into Flender GmbH, Siemens AG’s wholly-owned subsidiary

(PRESS RELEASE) MUNICH, 1-SEP-2020 — /EuropaWire/ — Siemens AG, a German multinational conglomerate and Europe’s largest industrial manufacturing company, has announced that Siemens Wind Energy Generation (WG) will from now on be part of its wholly-owned subsidiary Flender GmbH in Germany and thus perfectly complement Flender’s business portfolio. The integration is a major milestone ahead of the planned public listing of Flender in 2021. Flender will expand its market-leading position in gear units through the addition of electro-technical expertise in generators for the wind industry, while WG will benefit, among other things, from Flender’s strong position in the wind power sector. The combined company will be a global technology leader with a competitive cost base and an attractive service business. The two units are part of Siemens’ Portfolio Companies, with around 8,500 employees and pro forma revenue of roughly €2 billion.

“By integrating WG into Flender GmbH, we’re strengthening our business with wind turbine components, thus creating a solid basis for Flender’s planned public listing,” said Horst Kayser, who is responsible for the business activities of Siemens’ Portfolio Companies. “With its listing planned for 2021, we intend to give Flender the independence and flexibility it needs to expand its market leadership in stationary drives technology,” he added.

“The business activities of WG and Flender are a perfect fit. Flender is a leading provider of mechanical drive solutions such as gear units and couplings, while WG boasts a high level of technical expertise in electric drive components, such as generators, for the wind industry. We’re already working together on a hybrid powertrain, which promises new growth potential in the wind area. As a result, we’re optimally positioned to meet wind turbine manufacturers’ growing demand for systems offerings and to offer customers even greater added-value,” said Andreas Evertz, CEO of Flender GmbH.

As far as possible, WG will retain its current organization after the transfer to Flender GmbH. The integration of WG locations outside Germany is to be completed by February 1, 2021.

In a second step, Siemens intends to publicly list Flender via a spin-off. Siemens shareholders are to vote on the spin-off proposal at the upcoming ordinary Annual Shareholders’ Meeting in February 2021.

Further information on Flender is available at www.flender.com

Siemens AG (Berlin and Munich) is a global technology powerhouse that has stood for engineering excellence, innovation, quality, reliability and internationality for more than 170 years. The company is active around the globe, focusing on the areas of intelligent infrastructure for buildings and distributed energy systems, and automation and digitalization in the process and manufacturing industries. Through the separately managed companies Siemens Energy, the global energy business of Siemens, and Siemens Mobility, a leading supplier of smart mobility solutions for rail and road transport, Siemens is shaping the energy systems of today and tomorrow as well as the world market for passenger and freight services. Due to its majority stakes in the publicly listed companies Siemens Healthineers AG and Siemens Gamesa Renewable Energy (as part of Siemens Energy), Siemens is also a world-leading supplier of medical technology and digital healthcare services as well as environmentally friendly solutions for onshore and offshore wind power generation. In fiscal 2019, which ended on September 30, 2019, Siemens generated revenue of €86.8 billion and net income of €5.6 billion. At the end of September 2019, the company had around 385,000 employees worldwide. Further information is available on the Internet at www.siemens.com.

Media contacts:

Wolfram Trost
Siemens AG
Werner-von-Siemens-Straße 1
80333 Munich
Germany
+49 89 636-34794
wolfram.trost@siemens.com

Dennis Geers
Flender GmbH
Alfred-Flender-Straße 77
46395 Bocholt
Germany
+49 89 636-34794
dennis.geers@siemens.com

SOURCE: Siemens AG