Siemens Preps to Spin Off Energy Business as COVID-19 Forces Costly Delays

SUGAR LAND--August 7, 2020--Researched by Industrial Info Resources (Sugar Land, Texas)--Siemens AG (Munich, Germany) remains optimistic about its business, with executives predicting a "modest" improvement in orders and revenue in the coming months, despite steep losses for fiscal third-quarter 2020 that included a nearly 50% decline in net profits year-over-year. The company's energy business--which it is preparing to spin off into the independent Siemens Energy AG--took some of the hardest hits from the global pandemic. Industrial Info is tracking more than $5.3 billion worth of projects in the U.S. and Canada that use, or are considering using, Siemens as a contractor and have been delayed or otherwise affected by COVID-19 precautions.

Within this article: Details on some of the highest-valued U.S. and Canadian projects involving, or potentially involving, Siemens to face COVID-related delays, including those for major companies such as Husky Energy Incorporated (TSX:HSE), AES Corporation (NYSE:AES), Algonquin Power & Utilities Corporation (NYSE:AQN), Ørsted US, Kineticor Resource Corporation and Kimberly-Clark Corporation (NYSE:KMB).