Siemens debunks rumours of sale of gas turbine business

Published on: 

Reuters is reporting that Siemens Chief Executive Joe Kaeser has dismissed a report the German engineering company was considering selling off its struggling large turbines business. He called such reports "media speculation."

The Munich-based company is considering various strategic options, including selling the business or combining it with a rival, Bloomberg reported last week.

 Kaeser said Siemens planned to improve the unit’s performance but declined to say directly if he wanted to keep it.

"We have a clear commitment we are going to make good on. We are actually doing much better than the competition and this is a good thing.”

Profits have plunged in the OEM's large gas turbine business with the outlook bleak for the near future. With the surge in the market for renewables, gas turbines have dipped to historical lows. Siemens as well as its main rival GE have laid off thousands of employees in their gas turbine business as a result of market conditions.


Siemens in March cut its 2018 forecast for the large market by 10 percent to 100 units from its previous forecast of 110 units, while board member Lisa Davis said in May she saw no signs of a medium-term recovery.

Meanwhile, Siemens Mexico has announced that Juan Ignacio Diaz will serve as the new CEO of Siemens Mexico, Central America, and Caribbean. He succeeds Louise Goeser who has left the company. Diaz was previously Country CEO of Siemens Chile and lead for its Mobility division.

Diaz joined Siemens in 2008. He has served in various functions in Chile and South America, first as General Counsel for Chile and later as General Counsel for the South America region. In 2010 and parallel to his duties, he assumed the position of City Account Manager for the Metropolitan Region of Santiago de Chile, responsible for developing the portfolio of sustainable solutions for megacities. Since 2013, he has been CEO of Siemens Chile and lead for its Mobility division.