Siemens Energy announced on Friday that the parties have agreed not to disclose the purchase price for 35 percent of the shares in the specialist in hydropower generators.
(Photo: imago images / Udo Gottschalk)
Dusseldorf The energy technology group Siemens Energy withdraws from the joint venture Voith Hydro and sells 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 in hydropower plants.
Voith Hydro was founded in 2000. Voith provided the turbines and Siemens the generators. The turnover was most recently around one billion euros.
Siemens Energy wanted to concentrate on its core business with this step too, the group emphasized. 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 here.
In contrast, Voith sees its Hydro division as one of the three pillars of the family company alongside paper machines and turbo machines. Voith sees the acquisition as a further strategic step in expanding sustainable technologies. The Swabians pointed to the increasing importance of hydropower in the mix of renewable energies.
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“After several strategic acquisitions in the Paper and Turbo divisions, we are pleased that with the complete takeover of Voith Hydro we will be able to drive the expansion of hydropower even more consistently in the future,” said a spokeswoman. Voith builds and markets pumped storage power plants worldwide. We therefore see great potential in Voith Hydro for sustainable profitable growth, said the spokeswoman.
Voith is one of the large family companies with sales of 4.2 billion euros and 20,000 employees in more than 60 locations worldwide. Voith can easily afford the acquisition, as the company did not fully reinvest 1.2 billion euros from the sale of the shares in the robot manufacturer Kuka four years ago. “Even after taking over the Siemens shares, we have additional funds for further acquisitions,” said the spokeswoman.
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