On 1 March, following receipt of all the necessary official approvals, Voith successfully completed the acquisition of the remaining shares in Voith Hydro from its former joint venture partner Siemens Energy. On October 21, 2021, the two former partners reached an agreement for Voith to take over the remaining 35 % stake in the former JV Voith Siemens Hydro Power Generation GmbH & Co. KG. The completion of this transaction makes the Voith Group the sole owner of the Voith Hydro Group Division. The two parties have agreed not to disclose the financial details of the transaction.
“With this move, we are continuing to systematically pursue our strategy of strengthening our core business in the field of sustainable technologies,” said Dr Toralf Haag, CEO of the Voith Group. “As a full-line supplier of hydropower technology, we are ideally placed to exploit the potential of hydropower in the renewable energy mix.”
• In 2000, Voith and Siemens Energy established Voith Siemens Hydro Power Generation GmbH & Co. KG as a joint venture, to combine the turbine expertise of Voith with the generator capabilities of Siemens. Because Voith now has its own extensive expertise in this area as a full-line supplier, the original joint venture structure is no longer relevant for the company’s business operations.
Linkedin
