Senvion Holding GmbH: Senvion and Siemens Gamesa sign agreement for the sale of European Onshore Services business and Portugal blade facility

Senvion Holding GmbH (IRSH) 
Senvion and Siemens Gamesa sign agreement for the sale of European Onshore 
Services business and Portugal blade facility 
 
21-Oct-2019 / 08:09 CET/CEST 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
*Senvion and Siemens Gamesa sign agreement for the sale of European Onshore 
Services business and Portugal blade facility* 
 
- *Siemens Gamesa Renewable Energy (SGRE) acquires a large part of Senvion's 
European Onshore Services business activities* 
 
*- Senvion's blade facility in Portugal also covered under the terms of the 
transaction* 
 
*- Transaction unanimously approved by Senvion's creditors' committee* 
 
*- Transaction secures jobs for 2,000+ Senvion employees, close to 60% of 
all jobs[1] at Senvion, with efforts to find additional solutions ongoing* 
 
*Hamburg:* Senvion today announced that its exclusive negotiations with SGRE 
concerning the sale of a large part of the company's European Onshore 
Services business and its blade production facility in Portugal have been 
concluded successfully. A corresponding agreement was unanimously approved 
by Senvion's creditors' committee on 11 October and signed today. 
 
The transaction in respect of the European Onshore Service business is 
expected to close in Q4 2019 subject to regulatory approvals and other 
customary closing conditions. Business continuation costs, salaries and 
wages for employees are secured through ongoing business activities. 
 
For other parts of Senvion, the wind-down process has begun in order to 
secure socially acceptable solutions for remaining employees and an orderly 
liquidation of remaining assets. As announced earlier, some wind turbine 
continuation projects are being finalised, securing further jobs with some 
going until the middle of the next year. For other assets, including Indian 
operations and non-European Service operations, explorative talks with 
potential investors continue. 
 
*Yves Rannou*, CEO of Senvion, said: 'We are pleased that we have been able 
to give our colleagues in a large part of the European Onshore Services 
business and in our blade production facility in Portugal positive news 
today, securing close to 60% of all jobs for now. Siemens Gamesa will be a 
safe new home for them. We are also confident that this a good solution for 
our service customers.' 
 
'This has been a long and demanding path in a challenging context and in the 
face of many difficulties, but I am very confident that the business is 
well-positioned under the new ownership. The new environment will protect 
the critical competencies and skills that were developed at Senvion and 
enable our employees to make long-term and valuable contributions to the 
energy transition.' 
 
'We are thankful to our customers who stayed with us during this time and 
continued to show faith in our capabilities and to the financial 
institutions whose support allowed us to realise this transaction. I also 
appreciate the constructive approach SGRE has shown throughout the 
negotiations and their dedication towards the transaction. Finally, I 
sincerely thank everyone who made Senvion what it was for decades: a pioneer 
in the provision of clean power to the world. We will now continue our 
efforts to pursue potential options for other business parts to find 
solutions for as many employees as possible.' 
 
Rothschild & Co is acting as financial adviser to Senvion on the 
transaction. 
 
[1] As of 30 September 2019 
 
*About Senvion:* 
Senvion develops, produces and markets wind turbines for almost any location 
- with rated outputs of 2 MW to 6.33 MW and rotor diameters of 82 metres to 
152 metres. Furthermore, the company offers its customers project specific 
solutions in the areas of turnkey, service and maintenance, transport and 
installation, as well as foundation planning and construction. The Senvion 
systems are mainly designed in the major TechCenters in Osterrönfeld and 
Bangalore and manufactured at its German and Portuguese plants in 
Bremerhaven, Vagos and Oliveira de Frades as well as in Zory-Warszowice, 
Poland and Baramati, India. With approximately 3,500 employees worldwide, 
the company makes use of the experience gained from the manufacture and 
installation of more than 8,200 wind turbines around the world. The 
company's operational subsidiary Senvion GmbH is based in Hamburg and 
represented by distribution partners, subsidiaries and participations in 
European markets such as France, Belgium, the Netherlands, the UK, Italy, 
Romania, Portugal, Spain, Sweden, and Poland as well as on a global level in 
the USA, China, Australia, Japan, India, Chile and Canada. 
 
*Vice President Capital Markets and Public Relations* 
Dhaval Vakil 
Phone: [phone] 
Mobile: [phone] 
Email: [e-mail] 
 
*Corporate Communications* 
Stephanie Oxley 
Mobile: [phone] 
Email: [e-mail] 
 
ISIN:          XS1608040090, XS1608044753 
Category Code: AGR 
TIDM:          IRSH 
Sequence No.:  24026 
EQS News ID:   893087 
 
End of Announcement EQS News Service 
 
 

(END) Dow Jones Newswires

October 21, 2019 02:09 ET (06:09 GMT)