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Agency / Source: Voith GmbH

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Voith Successfully Completes the Acquisition of All Shares in Voith Hydro from Former Joint Venture Partner Siemens Energy - On March 1, 2022, following receipt of all the necessary official approvals, Voith successfully completed the acquisition of the remaining shares in Voith Hydro from its former joint venture partner Siemens Energy - Voith.com
Voith Successfully Completes the Acquisition of All Shares in Voith Hydro from Former Joint Venture Partner Siemens Energy

 

PRZOOM - /newswire/ - Heidenheim, Baden-Württemberg, Germany, 2022/03/01 - On March 1, 2022, following receipt of all the necessary official approvals, Voith successfully completed the acquisition of the remaining shares in Voith Hydro from its former joint venture partner Siemens Energy - Voith.com. FSE: VO2A

   
 
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• Acquisition of remaining shares in Voith Hydro completed;
• Buyout is an important step in Voith’s systematic expansion of its core business in sustainable technologies.

On October 21, 2021, the technology group and its longstanding partner Siemens Energy reached an agreement on Voith taking over the remaining 35 percent stake in the former Voith Siemens Hydro Power Generation GmbH & Co. KG. The completion of this transaction makes the Voith Group the sole owner of the Voith Hydro Group Division, previously operated as a joint venture. The two parties have agreed not to disclose the financial details of the transaction.

“We are extremely pleased to have completed the acquisition as planned. With this move, we are continuing to systematically pursue our strategy of strengthening our core business in the field of sustainable technologies,” says Dr. Toralf Haag, CEO of the Voith Group. “As a full-line supplier of hydropower technology, we are ideally placed to exploit the potential of hydropower in the renewable energy mix. In doing so we are making a substantial contribution to the shift to renewable energies and the decarbonization of the industry.”

In 2000, Voith and Siemens Energy established Voith Siemens Hydro Power Generation GmbH & Co. KG as a joint venture, to combine the turbine expertise of Voith with the generator capabilities of Siemens. Because Voith now has its own extensive expertise in this area as a full-line supplier, the original joint venture structure is no longer relevant for the company’s business operations.

About Voith Group

The Voith Group (voith.com) is a global technology company. With its broad portfolio of systems, products, services and digital applications, Voith sets standards in the markets of energy, paper, raw materials and transport & automotive. Founded in 1867, the company today has around 20,000 employees, sales of € 4.3 billion and locations in over 60 countries worldwide and is thus one of the larger family-owned companies in Europe.

 
 
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Agency / Source: Voith GmbH

 
 

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Voith Successfully Completes the Acquisition of All Shares in Voith Hydro from Former Joint Venture Partner Siemens Energy

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Voith Siemens Hydro Power |
Contact: Kristine Adams - Voith.com 
+49 7321 37 2228 kristine.adams[.]voith.com
 
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IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any Voith GmbH securities in any jurisdiction including any other companies listed or named in this release.

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