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MarketScreener Homepage  >  Equities  >  Xetra  >  Siemens AG    SIE   DE0007236101

SIEMENS AG

(SIE)
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Siemens : supports Ghana's transformation trajectory

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01/15/2020 | 09:55am EST

Addressing energy and infrastructure challenges in Ghana; ensuring job creation and skills development of youth in Ghana; supporting Ghana's goal of sustainable industrialization

Siemens (Siemens.com) has signed a Memorandum of Understanding (MoU) with the Republic of Ghana to address the country's energy and infrastructure challenges, while contributing to the Governments growth and development agenda of creating high quality jobs and enhancing the vocational skills of Ghana's youth.

The MoU was signed by Siemens and the Ghana Grid Company Limited (GRIDCo) in the presence of His Excellency, the President of the Republic of Ghana, Nana Akufo-Addo and the President and Global Chief Executive Officer of Siemens AG, Joe Kaeser.

Under the agreement, the two companies will work collaboratively to upgrade and extend Ghana's transmission infrastructure, improve the country's grid capacity and stability, enable and expand a stable power export to neighbouring countries in the West African Power Pool.

"Access to electricity is an imperative need for the people and business and, thus, for economic successofany economy.As Ghana has significantly invested into generation capacity, there isnowan urgent need to build a reliable, affordable and sustainable electrical network for thecountry and its people. With our proven and unique end-to-end electrification solutions, our expertise and reliability, Siemens can be a technology partner and help the country achieve its objectives,"JoeKaeser, President and CEO of Siemens.

The President of the Republic of Ghana has set out to achieve an ambitious strategy to transform the country, both socially and economically, driving its progress to becoming a sustainably industrialized county. The Government is currently delivering on the promises made in their 2016 election manifesto. These goals include the issuing of National ID Cards, the reduction of electricity prices, reviving Ghana's railways and reversing the trend of declining economic growth.

"We applaud Ghana for all its achievements under the leadership of President Nana Akufo- Addo.We are eagerto contribute to Ghana's successes bycreating local value and being a powerful and reliable regional partner to the country's socio-economic development goals,"says JoeKaeser.

To support Ghana's increasing need to reform the national Technical and Vocational Education and Training (TVET) system, Siemens will also educate and train young Ghanaians in various engineering disciplines and provide training on Siemens equipment for STEM education and TVET.

Joe Kaeser further stated that Siemens is pleased to be entering this partnership and contributing to the growth and development of Ghana. Improving the energy sector in Ghana is now one of the key priorities for Siemens, therefore the implementation of this MoU will help leapfrog the country and its people towards its industrial and societal development goals.

Distributed by APO Group on behalf of Siemens AG.

Contacts for Journalists:

Media Relations

Siemens Southern and Eastern Africa

Boitumelo Masike

Tel: +27 83 393 0629

Email: Boitumelo.masike@siemens.com

Follow us on Twitter: @SiemensAfrica

About Siemens AG:

Siemens AG (Berlin and Munich) (Siemens.com)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 2019, which ended on September 30, 2019, Siemens generated revenue of EUR86.8 billion and net income of EUR5.6 billion. At the end of September 2019, the company had around 385,000 employees worldwide. Further information is available on the Internet at www.Siemens.com.

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(C) 2020 M2 COMMUNICATIONS, source M2 PressWIRE

Stocks mentioned in the article
ChangeLast1st jan.
SIEMENS AG -0.77% 96.48 Delayed Quote.-15.48%
SIEMENS HEALTHINEERS AG 1.30% 38.505 Delayed Quote.-8.10%
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Financials (EUR)
Sales 2020 89 454 M
EBIT 2020 7 087 M
Net income 2020 5 365 M
Debt 2020 24 944 M
Yield 2020 4,01%
P/E ratio 2020 14,8x
P/E ratio 2021 13,0x
EV / Sales2020 1,17x
EV / Sales2021 1,10x
Capitalization 79 874 M
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Average target price 128,73  €
Last Close Price 98,50  €
Spread / Highest target 52,3%
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NameTitle
Josef Kaeser President & Chief Executive Officer
Jim Hagemann Snabe Chairman-Supervisory Board
Roland Emil Busch Deputy CEO, COO, CTO & Labour Director
Ralf Peter Thomas Chief Financial Officer
Michael Diekmann Member-Supervisory Board
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