ZURICH/MUNICH - Siemens wants to present a solution for its struggling turbine business by the time the company holds a capital markets day for investors on May 8, two sources told Reuters on Thursday.
The sources said discussions between Siemens and possible joint venture partner Mitsubishi Heavy Industries had intensified recently but they said Siemens was also looking at other options for the business where sales and profit have collapsed. Siemens Chief Executive Joe Kaeser would prefer to have only a minority stake in the venture, so its figures could be deconsolidated from Siemens results, the article also said.“The situation on the global market for fossil power plant technology remains unchanged. Siemens began tackling these challenges back in early 2015,” a company spokesman said.
Its profit fell to 377 million euros from 1.57 billion euros a year earlier. The problems have also continued this year, with profit halving at the Power and Gas business in the first quarter.