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Home Market Reports

Siemens sells electric aircraft-propulsion business to Rolls-Royce

2nd July 2019
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Siemens and Rolls-Royce signed an agreement at the International Paris Air Show in Le Bourget (France) for the sale of Siemens’ eAircraft unit. Through its Vision 2020+ company strategy, Siemens intends to sharpen its portfolio’s focus. For this reason, the company’s business with electric and hybrid-electric systems for aircraft will have substantially better growth perspectives with new owners closely connected to the aerospace industry. Closing is subject to the usual conditions and is expected to take place in late 2019. The partners have agreed not to disclose the financial details of the transaction.

“Our eAircraft team, under the leadership of Frank Anton, has made aviation history several times in the past ten years and is a pioneer in electric and hybrid-electric systems for aircraft,” said Roland Busch, CTO and COO of Siemens AG. “With Rolls-Royce, we’ve found a perfect home for this business and have placed its expertise in the hands of one of Airbus’ close partners. We will continue to cooperate with Rolls-Royce, in particular by making our digital solutions portfolio available in order to facilitate this major step toward sustainable, lower-emission aviation.”

As an in-house startup with around 180 employees, Siemens eAircraft develops electric and hybrid-electric propulsion systems for the aerospace industry. At locations in Munich and Erlangen (Germany) and Budapest (Hungary), the unit has been cooperating with partners like Airbus to create prototypes for propulsion systems with power ratings ranging from less than one hundred to several thousand kilowatts – for instance for the Airbus air taxi, the CityAirbus. To further drive the technology, eAircraft entered a development partnership with Airbus in 2016. Siemens has been researching and developing electric aircraft propulsion systems for about ten years, setting several records along the way.

Siemens AG (Berlin and Munich) is a global technology powerhouse that has stood for engineering excellence, innovation, quality, reliability and internationality for more than 170 years. The company is active around the globe, focusing on the areas of power generation and distribution, intelligent infrastructure for buildings and distributed energy systems, and automation and digitalization in the process and manufacturing industries.

Through the separately managed company Siemens Mobility, a leading supplier of smart mobility solutions for rail and road transport, Siemens is shaping the world market for passenger and freight services. Due to its majority stakes in the publicly listed companies Siemens Healthineers AG and Siemens Gamesa Renewable Energy, Siemens is also a world-leading supplier of medical technology and digital healthcare services as well as environmentally friendly solutions for onshore and offshore wind power generation. In fiscal 2018, which ended on September 30, 2018, Siemens generated revenue of €83.0 billion and net income of €6.1 billion. At the end of September 2018, the company had around 379,000 employees worldwide. Further information is available on the Internet at www.siemens.com.

This document contains statements related to our future business and financial performance and future events or developments involving Siemens that may constitute forward-looking statements. These statements may be identified by words such as “expect,” “look forward to,” “anticipate” “intend,” “plan,” “believe,” “seek,” “estimate,” “will,” “project” or words of similar meaning.

We may also make forward-looking statements in other reports, in presentations, in material delivered to shareholders and in press releases. In addition, our representatives may from time to time make oral forward-looking statements. Such statements are based on the current expectations and certain assumptions of Siemens’ management, of which many are beyond Siemens’ control. These are subject to a number of risks, uncertainties and factors, including, but not limited to those described in disclosures, in particular in the chapter Risks in the Annual Report. Should one or more of these risks or uncertainties materialize, should decisions, assessments or requirements of regulatory authorities deviate from our expectations, or should underlying expectations not occur or assumptions prove incorrect, actual results, performance or achievements of Siemens may (negatively or positively) vary materially from those described explicitly or implicitly in the relevant forward-looking statement. Siemens neither intends, nor assumes any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated.

This document includes – in the applicable financial reporting framework not clearly defined – supplemental financial measures that are or may be alternative performance measures (non-GAAP-measures). These supplemental financial measures should not be viewed in isolation or as alternatives to measures of Siemens’ net assets and financial positions or results of operations as presented in accordance with the applicable financial reporting framework in its Consolidated Financial Statements. Other companies that report or describe similarly titled alternative performance measures may calculate them differently.

Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

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