By Pierre Bertrand

Siemens has further lowered its participation in Siemens Energy, transferring 8% of its stake in the company to its pension trust.

The German industrial group said that it has lowered its holding in Siemens Energy to 17.1% from 25.1% previously, the company said late Monday.

Siemens said the move will strengthen Siemens' pension assets in Germany. The company had long planned to reduce its participation in Siemens Energy.

Siemens had last transferred a portion of its Siemens Energy stake to the Siemens pension fund back in June. Siemens Pension-Trust e.V. independently manages Siemens's pension funds, Siemens said.

In addition, the company said that Siemens chief financial officer Ralf P. Thomas will step down from the Siemens Energy supervisory board. His resignation will be effective from the end of Siemens Energy's annual shareholders' meeting on Feb. 26.

Write to Pierre Bertrand at pierre.bertrand@wsj.com

(END) Dow Jones Newswires

December 19, 2023 01:42 ET (06:42 GMT)

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