Siemens Energy (OTC: SMNEY) plans $2.3 billion investment in transformer factories

Siemens Energy announced plans to invest 2 billion euros ($2.3 billion) in its global network of transformer and switchgear factories by 2028, according to presentation slides released ahead of its capital markets day on Thursday.

The German energy technology company also targets a 20% increase in capital expenditure and research and development investments for the 2026-2028 period compared to 2023-2025.

In addition, Siemens Energy aims to distribute up to 10 billion euros in dividends and share buybacks during the 2026-2028 period.

The company also revealed plans to streamline its manufacturing footprint by reducing its onshore wind manufacturing sites to just 4 locations in 2026, down from 10 locations in 2023.