Money News

Siemens CEO says energy business spin-off on track for Sept.

FILE PHOTO: Siemens CEO Joe Kaeser attends a news conference after talks with climate activists in Berlin, Germany, January 10, 2020. REUTERS/Hannibal Hanschke

MUNICH (Reuters) - The separation and planned listing of Siemens’s energy business is on track to be completed in September, Siemens Chief Executive Joe Kaeser said on Wednesday.

Siemens will soon decide on the location of the new company’s headquarters and expects its carve-out from the rest of the company to be mostly completed by the end of March, he said.

An extraordinary general meeting will take place on July 9 to get shareholder approval, while a capital markets day is planned for September, Kaeser told a news conference.

“We’re right on track with the realignment of Siemens Energy and its planned public listing in September,” said Kaeser after the German company reported a drop in its first quarter net profit.

Reporting by John Revill; Editing by Michelle Martin