By Kim Richters

 

Siemens AG said Friday that it is planning to spin-off and publicly list its mechanical drive systems manufacturer Flender.

The German engineering company said it will first integrate its Wind Energy Generation unit into Flender ahead of the spin-off. It then plans to publicly list the combined company.

Siemens said Flender's pro-forma annual revenue is going to be around 2 billion euros ($2.16 billion).

Its shareholders will vote on the plan at the annual shareholders' meeting in February 2021, the company said.

 

Write to Kim Richters at kim.richters@wsj.com

 

(END) Dow Jones Newswires

May 08, 2020 02:23 ET (06:23 GMT)

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