Siemens reported to be considering sale of gas turbine business

• 6 years ago (2018-06-14)
• David Flin

Europe 1068 Gas 379

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According to a report from the news agency Bloomberg, Siemens is considering a number of strategic options including a potential sale of its large gas turbine business. Siemens is said to be considering all possibilities, including combination with a rival.

It is believed that no final decision has been made, and that the company might keep the business, weathering the downturn in the market. A spokesman for Siemens said that the company doesn’t comment on market speculation. It also doesn’t break out earnings for the large gas turbine activity.

Last November, Siemens unveiled a plan to cut 6900 jobs at the power and gas division.

Ralf Thomas, Chief Financial Officer for Siemens, told investors in March that he expects the market for large gas turbines to fall to 100 units in 2018, 10 per cent less than the company had previously expected.