Siemens, Gamesa Merge to Become Biggest Wind-Turbine Maker
Resource from: India West Likes:197
Jul 14,2016
Siemens AG and Gamesa Corp. Tecnologica SA recently agreed to combine their wind-turbine manufacturing businesses.
The merger, announced June 17 in a joint statement, is expected to create a company that will have a stranglehold on the industry, as well as speed up consolidation that has been influenced by competition and price pressures.
Siemens will own 59 percent of the capital of the new business with Gamesa holding 41 percent ownership. The combined company will have its global headquarters in Spain with offshore divisions in Germany and Denmark.
As part of the merger, Siemens will fund a cash payment of 3.75 euros per share, which will be distributed to Gamesa's shareholders following the completion of the merger, a total value of $1.1 billion.
Additionally, Gamesa and Areva have entered into contractual agreements whereby Areva waives existing contractual restrictions in Gamesa's and Areva's offshore wind joint venture Adwen, simplifying the Gamesa-Siemens merger.
The new company, which will be consolidated in Siemens' financial statements, is expected to have on a pro forma basis a 69 GW installed base worldwide, an order backlog of around 20 billion euros, revenue of 9.3 billion euros and an adjusted EBIT of 839 million euros.
“The merger with Siemens constitutes recognition for the work performed by the company in recent years and evidences our commitment to generating value in the long term by creating significant synergies and extending the horizon of our profitable growth,” executive chairman and chief executive officer of Gamesa Ignacio Martin said in a statement.
Gamesa and Siemens are highly complementary in terms of global footprint, existing product portfolios and technologies, company officials said.
The combined business will have a global reach across all important regions, and manufacturing footprints in all continents. Siemens' wind power business has a strong foothold in North America and Northern Europe, and Gamesa is well positioned in fast-growing emerging markets, such as India and Latin America and in Southern Europe, the statement added.
Additionally, the transaction will result in a product offering covering all wind classes and addressing all key market segments to better serve our customer's needs, it said.
The combination of our wind business with Gamesa follows a clear and compelling industrial logic in an attractive growth industry, in which scale is a key to making renewable energy more cost-effective,” Siemens AG president and CEO Joe Kaeser said in a statement. “With this business combination, we can provide even greater opportunities to the customers and value to the shareholders of the new company. The combined business will fit right into our Siemens Vision 2020 and underlines our commitment to affordable, reliable and sustainable energy supply.”
The companies anticipate significant synergy potentials. In total, annual EBIT synergies of 230 million euros are expected in year four post-closing. Closing is expected in the first quarter of the 2017 calendar year.
(India West)
【CBCC News Statement】
1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
2.All news edited and translated by us are specially noted the source"CBCC".
3.For investors,please be cautious for all news.We don't bear any damage brought by late and inaccurate news.
4.If the news we published involves copyright of yours,just let us know.
1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
2.All news edited and translated by us are specially noted the source"CBCC".
3.For investors,please be cautious for all news.We don't bear any damage brought by late and inaccurate news.
4.If the news we published involves copyright of yours,just let us know.
Previous Manitou Group receives top honors in Trophées des Achats for collaboration with Dana on hydraulic-hybrid powertrain technology
Next Koma Precision presents the E46L and E46L TW tool presetters from Elbo Controlli.
Next Koma Precision presents the E46L and E46L TW tool presetters from Elbo Controlli.
BRIEF INTRODUCTION
Cnbearing is the No.1 bearing inquiry system and information service in China, dedicated to helping all bearing users and sellers throughout the world.
Cnbearing is supported by China National Bearing Industry Association, whose operation online is charged by China Bearing Unisun Tech. Co., Ltd.
China Bearing Unisun Tech. Co., Ltd owns all the rights. Since 2000, over 3,000 companies have been registered and enjoyed the company' s complete skillful service, which ranking many aspects in bearing industry at home and abroad with the most authority practical devices in China.
