Siemens forecasts losses of $4.5 billion this year following the failure of Gamesa turbines. Siemens wind power, HE wind work The family company founded by inventor Werner von Siemens in 1847 merged with the German giant. Gamesa Technology CompanyA company born in Vitoria in 1976. At this point, the fates of the two companies intersected, and with their merger, they added their presence in 90 countries and worldwide leadership. wind industry But these days, the company that pushes its shareholders to the brink is Siemens EnergyIs it German or Spanish that forces other countries like Germany and Spain to bail out with guarantees?
Gamesa, born as a technology company in the 70s, was brought to the capital iberdrola In 1990, through IBV Companyjoint venture with electricity company Iberdrola BBVA Dedicated to business promotion. At that time and until 1994, Gamesa was mainly aviation industry. Following the acquisition of successive share packages, Iberdrola remained the sole shareholder as of 2008.
Gamesa’s way Wind business started in 1995 and has become one of the global technology companies of this sector. It has opened manufacturing centers in the world’s main wind markets, where Spain and China are global production and supply hubs, and industrial presence in local markets such as India, the US and Brazil. He left his aviation business in 2006 to focus on wind energy.
Internationalization Made a big step forward with Iberdrola. The power company was one of the main developers of wind farms around the world, and Gamesa became one of its main suppliers. A few years later, the company opted for offshore wind energy with the help of French company Areva, but this did not work out. In 2016, the major operation in which the German giant Siemens took over Gamesa came on the scene.
The result was a shareholder fight with Iberdrola that ended in 2020. Iberdrola’s definitive exit from the capital, He had stayed here for 30 years, and his 8% share was sold for approximately 1,100 million dollars. With this, management disputes from the wind company.
But these have not been their only struggles as customers and suppliers since 2022. for mega turbine supply contract They were on the verge of breaking off trade relations between both parties. They eventually signed the peace agreement last spring, and Iberdrola rewarded Siemens Gamesa as planned. Approximately 1.5 billion euro contract for 95 turbines It will equip the East Anglia Three (EA3) offshore park in the UK.
Spain, Germany and Denmark
The merger with Siemens was approved by Gamesa shareholders in October 2016, with 99.75% voting in favour. In December, the National Securities Market Commission (CNMV) gave approval. The registered office and headquarters of the merged company and the operational headquarters of the onshore business are located in Spain, while the offshore business is headquartered in Hamburg (Germany) and Vejle (Denmark). Integration has resulted in the emergence of a leading wind group.
Before acquiring Gamesa, Siemens Wind Power gained size in the wind business in 2004 after acquiring the Danish wind turbine manufacturer. Bonus Energyhowever, it had been operating in this sector since 1980. Since its first establishment in 1991 offshore wind farm, led the global offshore wind turbine market. In May 2022, Siemens Energy, the energy division of the German giant, announced a takeover bid for all remaining Siemens Gamesa shares.
On February 14, 2023, Siemens Gamesa shares ceased trading on Spanish stock exchanges. On June 13, minority shareholders approved the capital reduction for the remaining 2.21% stake. He paved the way German Siemens Energy AG Siemens became the sole shareholder of Gamesa, with more than 98% of its capital.