Siemens spins out Innomotics as €3bn drives company
Siemens is spinning out a new global company to focus on motors and large drives company.
Innomotics will have around 14,000 staff with headquarters in Nuremberg, Germany, and revenue of approximately €3 billion. It will start operation on July 1st and be largely completed by October 1, 2023 with a focus on low- to high-voltage motors, geared motors, medium-voltage converters and motor spindles.
Innomotics’ management team will comprise Michael Reichle (CEO), Christoph Salentin (CFO) and Hermann Kleinod (CTO). The related businesses were previously assigned to the units Large Drives Applications and Digital Industries and to the legally separate Siemens companies Sykatec and Weiss Spindeltechnologie.
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“We’re convinced of the new company’s future success. The combined strengths of its individual businesses and the power to act independently will enable Innomotics to unlock significant value for its customers, leverage its growth potential and thus ensure its success going forward,” said Ralf P. Thomas, CFO of Siemens AG.
“With its size, its broad portfolio and our highly motivated people, Innomotics will be a trailblazer in the market and capture a leading competitive position. We’ll profit from the strong growth potential driven also, in particular, by the sustainability-oriented demand for more efficient electrification and energy consumption in industry and society. I’m convinced that Innomotics will provide us with the optimal setup to leverage this potential,” said Michael Reichle, designated CEO of Innomotics.
Innomotics will continue to collaborate closely with other Siemens businesses through partnerships in the areas of technology and sales and in trade relationships.
This follows the spin out and sale of the Siemens traffic management company as Yunex.
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