As part of the sharpening of its portfolio, Siemens Energy has agreed to sell its Trench business to investment firm Triton.
Both parties have agreed not to disclose the purchase price, but sources told Reuters the price is in the mid-triple-digit million euros. The sale is expected to close in the first half of 2024, but it is also still subject to the approval of the employee representatives.
Siemens Energy has said it expects to lose $4.78 billion this financial year, mainly due to product quality issues at its wind turbine division, Siemens Gamesa. Earlier this year Siemens Energy began the move to carve out and separately manage Trench, which specializes in high-voltage grid components including bushings, instrument transformers, and coil products, sold under the brands HSP and Trench.
Trench has locations across Europe including Germany, Austria, France, Bulgaria, and Italy with additional operational footprint in China and Canada. Once the closing has taken place, its 2,400 employees and 9 factory locations, will transfer to the new owner.
“We are positioning Siemens Energy for the future, which means sharpening our portfolio, simplifying our business and rationalizing how and where we can invest in innovation,” said Tim Holt, member of the Managing Board for Siemens Energy. “The Trench business is a small medium enterprise with ambitious growth plans which will be best realized under different ownership.”
