Siemens clinches $1.5bn US power purchase
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Siemens, the German electronics and engineering giant, yesterday strengthened its grip on the power station market by acquiring the power generation business of Westinghouse of the US for $1.5bn (pounds 884m).
The deal lifts Siemens into number two position in the world's pounds 30bn power generation market, behind General Electric of the US, and creates a grouping with sales of pounds 4.5bn.
Siemens bought the NEI Parsons power generation business from Rolls-Royce earlier this year.
The agreement involves only Westinghouse's fossil-fuel power station business. The US group is seeking separate buyers for its nuclear energy systems business and another division which handles nuclear material for the US military and Department of Energy.
Westinghouse's power generation business has a workforce of 8,000 and sales last year of $2.2bn. It supplies gas turbines and steam turbines. Siemens Power Generation had sales last year of pounds 3.2bn and has 11,500 employees. Together the two businesses will control about 12 per cent of the market compared with GE's 15 per cent.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments