Siemens Energy is considering a spin-off of its Transformation of Industry division, according to Manager Magazin. This unit manufactures compressors and steam turbines. It employs approximately 17,000 people. The division generated €5.7 billion in revenue during the last fiscal year.
An internal strategy document suggests a separation would benefit shareholders and the division long-term. The company is exploring selling approximately 60% of the unit through a spin-off or initial public offering. Siemens Energy would retain the remaining 40% during a transitional period.
Siemens Energy confirmed it is assessing the optimal setup to accelerate growth. The company stated that no final decisions have been made. Siemens Energy shares rose by as much as 5% following the report.