“The sale of
Flender is another step in executing our strategy for enabling Siemens to
become a focused technology company,” said Ralf P. Thomas, who is Chief Financial
Officer at Siemens, where he is also responsible, among other things, for Siemens’
Portfolio Companies. “Flender has developed excellently in recent years, and
the unit impressively demonstrates that our Portfolio Companies concept has
proven effective,” added Thomas. Siemens aims to give its individual Portfolio Companies
– which tend to have the characteristics of medium-sized enterprises – more
independence and autonomy, possibly also in connection with a change in
the sale of Flender, five units remain under the Portfolio Companies umbrella.
In fiscal 2020, these five units had a total of about 15,400 employees and generated
around €3.2 billion in revenue. With some 8,600 employees, Flender generated
pro‑forma revenue of roughly €2.2 billion in fiscal 2020.