General de Alquiler de Maquinaria, S.A. (0RTJ.L)
- Reuters
Siemens Energy's struggling wind unit plans $436 million in cost cuts
FRANKFURT/DUESSELDORF (Reuters) -Siemens Gamesa, the struggling wind division of Germany's Siemens Energy, plans to cut costs by around 400 million euros ($436 million) by 2026, the group said during its much-awaited capital markets day on Tuesday. The goal was to "simplify organization and optimize overhead costs" while the Siemens Gamesa's onshore wind turbine capacity is to be adjusted according to a refined product and market roadmap, according to presentation slides said. "The turnaround of Siemens Gamesa remains our highest priority and we now have a defined path and action plan to reach break-even for the wind business in fiscal year 2026 and to return to profitability thereafter," Siemens Energy CEO Christian Bruch told analysts.
- Reuters
Siemens Energy reviews wind turbine business after $5 billion loss
MUNICH (Reuters) -Siemens Energy may exit some markets and products of its struggling wind turbine business, it said on Wednesday, in a bid to return Siemens Gamesa to profit after it triggered the group's 4.6-billion euro ($5.0-billion) annual net loss. Siemens Energy on Tuesday secured a 12-billion euro credit line from private banks that was partly backstopped by the German government, removing a major concern for investors that feared the group could lose out on business without the funds. A producer of key equipment such as gas turbines, converter stations and wind turbines, Siemens Energy is viewed by the German government as vital to its energy transition from fossil fuels to renewables.
- Reuters
Spanish government in talks with banks to support Siemens Gamesa
The Spanish government said on Tuesday it is working with banks to provide financial support to Siemens Gamesa, with the ultimate aim of protecting the workers the company employs in the country. The move comes after Germany said earlier on Tuesday it had decided to back Siemens Energy, which owns Siemens Gamesa, with guarantees worth 7.5 billion euros ($8.1 billion) as part of a deal with other stakeholders to help the troubled energy company fulfil its order book. The guarantees are part of a package totalling 15 billion euros agreed with private banks and other stakeholders.
