Voith’s joint venture partnership with Siemens Energy has come to an end, with Voith successfully completing the acquisition of the remaining shares in Voith Hydro from its former partner.
The acquisition was completed on 1 March after all the necessary official approvals were obtained. The agreement for Voith to take over the remaining 35% stake in the former Voith Siemens Hydro Power Generation GmbH & Co. KG was originally announced back in October 2021.
“We are extremely pleased to have completed the acquisition as planned. 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 doing so we are making a substantial contribution to the shift to renewable energies and the decarbonization of the industry.”
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. Voith said because it 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.
