Siemens Gamesa Buys Senvion Assets for EUR200 Million
21 October 2019 - 5:52PM
Dow Jones News
By Carlo Martuscelli
Siemens Gamesa Renewable Energy S.A. (SGRE.MC) said Monday that
it is acquiring a number of assets, including a manufacturing plant
in Portugal, from Senvion SE (SEN.XE) for 200 million euros ($223.3
million).
The Madrid-listed renewable energy company said that it is
acquiring a large part of Senvion's onshore service business, all
of its intellectual property, and a factory that manufactures
blades for onshore wind turbines.
"The addition of these assets helps to diversify Siemens
Gamesa's business mix and geographical exposure with contracts that
offer long-term visibility and renewal rates that have historically
been very high," the company said.
The company said that the acquisition of the Portuguese
manufacturing plant will also help reduce its dependency on Asian
suppliers, helping to mitigate volatility caused by ongoing trade
issues.
It expects the deal to close in the first half of the 2020
fiscal year, between October 2019 and March next year.
Siemens Gamesa is majority owned by Siemens AG (SIE.XE).
Write to Carlo Martuscelli at carlo.martuscelli@dowjones.com;
@carlomartu
(END) Dow Jones Newswires
October 21, 2019 02:37 ET (06:37 GMT)
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