Senvion to Sell Assets to Siemens Gamesa

September 17, 2019

Image: Senvion
Image: Senvion

Insolvent German wind turbine manufacturer Senvion is in exclusive talks with Siemens Gamesa (SGRE) over the sale of a substantial part of its business.

The Germany firm said that it has entered into an exclusivity agreement with Siemens Gamesa to pursue negotiations for the sale of selected Services and Onshore assets in Europe. The agreement was approved unanimously by Senvion's creditors' committee. The approval of the insolvency plans by the creditors' assembly on 11 September enabled this transaction.

The parties are now entering final negotiations and, if final agreements are reached, expect that the necessary decisions will be taken by the end of September.

The financial arrangements to secure ongoing business activities over the timeline to conclude on the offer continue to be in place. Wind turbine continuation projects are underway and will secure a majority of production jobs for the next months, with some going into 2020.

For the remaining business areas, the company continues to explore further options and negotiations with investors.

Yves Rannou, CEO of Senvion, said: "Today's announcement means that we are close to finding a safe harbour for a significant part of the business and substantial parts of its employee base. In these difficult circumstances, these are positive news. Looking ahead to the weeks to come, the management team will continue to put all efforts behind finding the best solutions possible for the rest of the business."



Current News

Baker Hughes Finalizes Name Change

Baker Hughes Finalizes Name Change

Woodside Targets Scarborough FID in Early 2020

Woodside Targets Scarborough FID in Early 2020

Yantai Port to Launch LNG Storage Plants

Yantai Port to Launch LNG Storage Plants

China Hosts Deep-Sea Exploration Contractors Meet

China Hosts Deep-Sea Exploration Contractors Meet

Sinopec Weighs Output Cuts Due to Freight Rate Surge

Sinopec Weighs Output Cuts Due to Freight Rate Surge

Small Scale FSRU: Think Smarter Not Bigger

Small Scale FSRU: Think Smarter Not Bigger

TechnipFMC Wins EPC Contract from PetroVietnam

TechnipFMC Wins EPC Contract from PetroVietnam

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week