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CORRECTION: Siemens Energy will set up headquarters in Berlin | message

4


(In the message sent at 6:19 p.m., the first sentence must correctly read “Siemens Energy will locate the headquarters (AND NOT the formal company headquarters and the headquarters) in Berlin”. The administrative headquarters will remain Munich, as the company made clear in the evening A pre-notification from the Frankfurter Allgemeine Zeitung erroneously stated that the company’s formal headquarters would also be in Berlin. The corrected version will follow.)

, CORRECTION: Siemens Energy will set up headquarters in Berlin | message, Forex-News, Forex-News

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Siemens Energy will have its headquarters in Berlin

FRANKFURT (Dow Jones) – Siemens Energy will set up its headquarters in Berlin. This was decided by the board after months of discussions and reviews. “We have to actively and intensively shape the public and political debate about the energy transition as a company,” said CEO Christian Bruch of the Frankfurter Allgemeine Zeitung in an interview. “That was the decisive factor for the location decision.” In addition to the federal capital, Munich, Erlangen and Mlheim were examined as potential company headquarters.

The employees and Berlin’s Governing Mayor Michael Mller (SPD) were informed about this on Thursday afternoon. Bruch said there will only be a very small seat with a slender staff. Central functions would be distributed to different locations, as would the board members. The CEO wants to move to Berlin at the beginning of 2021 at the latest. It is estimated that the group management will only have 150 employees.

Siemens Energy will split off from the Siemens Group on Friday and be listed on the Frankfurt Stock Exchange for the first time on Monday. It is the largest spin-off of a corporate division that has ever occurred in Germany. With a market value of more than 20 billion euros and a high free float of 55 percent, the newcomer to the stock market could join the DAX as early as September 2021, writes the newspaper. Berlin would get a group from the first league again.

According to Bruch, the timetable for phasing out coal energy, which Siemens CEO Joe Kaeser has called for, is to be drawn up this year. “The question is not whether we will get out of the coal, but when and how,” said Bruch. Siemens has been in the crossfire of environmental activists since the end of last year, not least because of a controversial coal project in Australia.

Bruch also promised to report “swift first successes” on the subject of profitability.

Contact the author: olaf.ridder@wsj.com

DJG / rio / sha

(END) Dow Jones Newswires

September 24, 2020 13:34 ET (17:34 GMT)

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