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Siemens Gamesa has made progress in turnaround -Siemens Energy CEO -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – Christian Bruch is Chief Executive Officer at Siemens Energy AG and attends the initial public offering (IPO), of Siemens Energy, Frankfurt Stock Exchange, Frankfurt, Germany on September 28, 2020. REUTERS/Ralph Orlowski

FRANKFURT, (Reuters) – The chief executive at parent Siemens Energy stated Wednesday that the Spanish-listed maker of wind turbines Siemens Gamesa had made significant progress in its turnaround efforts over recent months.

Christian Bruch, who was asked if Siemens Energy planned to acquire all of Siemens Gamesa’s assets (67%), said that it was crucial and would add shareholder value.

According to Siemens Gamesa’s market value at the moment, Siemens Energy doesn’t yet have a stake worth 4.63 billion Euros ($5.35 Billion).

($1 = 0.8648 euros)

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