UPDATE 1-Siemens Energy: no change to expected cost of onshore quality issues
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FRANKFURT, Feb 7 (Reuters) - Siemens Energy on Wednesday said there would be no change to the 1.6 billion euros ($1.72 billion) it expects in costs to fix quality issues at its onshore wind turbine division.
In presentation slides alongside final first-quarter results, Siemens Energy also said that it expects to tailor its onshore wind turbine product portfolio over the course of 2024 to its more focused geographic market strategy.
Investors have been concerned about potential additional costs for faulty onshore turbine components, problems that caused Siemens Energy shares to more than halve last year and led the government to backstop vital project guarantees.
Siemens Energy Chairman Joe Kaeser told Reuters last month that the
worst was over
when asked about the quality problems at its onshore division, which competes with Vestas and General Electric. ($1 = 0.9294 euros) (Reporting by Christoph Steitz Editing by Miranda Murray)
