{"id":273436,"date":"2019-05-08T06:05:07","date_gmt":"2019-05-08T06:05:07","guid":{"rendered":"http:\/\/infralive.com\/web\/?p=273436"},"modified":"2019-05-08T06:05:07","modified_gmt":"2019-05-08T06:05:07","slug":"siemens-spins-off-struggling-gas-and-power-in-smart-digital-shift","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/siemens-spins-off-struggling-gas-and-power-in-smart-digital-shift\/","title":{"rendered":"Siemens spins off struggling gas and power in smart digital shift"},"content":{"rendered":"<p>Siemens is spinning off its gas and power business, which has dragged on the German engineering firm\u2019s performance as the rise of renewable power hits demand for gas turbines.<\/p>\n<p>The new firm would be a \u201cmajor player\u201d in energy with revenues of 27 billion euros ($30 billion) and more than 80,000 employees, Siemens said on Tuesday, adding that it would now focus on its Digital Industries and Smart Infrastructure businesses.<\/p>\n<p>Siemens said the Gas and Power division, which includes its oil and gas, conventional power generation, power transmission and related services businesses, will be set up as a standalone company with the aim of a public listing by September 2020.<\/p>\n<p>Last week Reuters, citing sources familiar with the matter, reported that Siemens was considering carving out the unit, whose 2018 profit fell by 75 percent to 377 million euros ($421 million) as revenue dropped 19 percent.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Siemens is spinning off its gas and power business, which has dragged on the German engineering firm\u2019s performance as the rise of renewable power hits demand for gas turbines. The new firm would be a \u201cmajor player\u201d in energy with revenues of 27 billion euros ($30 billion) and more than 80,000 employees, Siemens said on Tuesday, adding that it would now focus on its Digital Industries and Smart Infrastructure businesses. Siemens said the Gas and Power division, which includes its oil and gas, conventional power generation, power transmission and related services businesses, will be set up as a standalone company [&hellip;]<\/p>\n","protected":false},"author":39,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[130,240,138],"tags":[],"class_list":["post-273436","post","type-post","status-publish","format-standard","hentry","category-newspapers","category-power-the-financial-express","category-the-financial-express"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/273436","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/39"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=273436"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/273436\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=273436"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=273436"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=273436"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}