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Siemens Turbine Export Hit by Brexit

Siemens Turbine Export Hit by BrexitSiemens Turbine Export Hit by Brexit

Siemens has said the UK's decision to leave the European Union will mean its plans to export wind turbine blades from the country and its new plant in northeast England will be put on hold, CNBC said, citing a report by the Financial Times. Last Thursday, 51.9% of Britons decided to leave the EU in a referendum whose results could have a significant impact on almost every aspect of life in the UK. The report said that while a Brexit would not impact Siemens' intentions to employ 1,000 workers at a factory in Hull, northern England, there was now uncertainty surrounding the export of blades both to Europe and across the world. Juergen Maier, Siemens' UK chief executive said in a statement that the company may "end up with tariff-free trade on those blades to the EU and to other countries," adding that "all of that has to be renegotiated". The UK is home to more than 5,300 onshore turbines and over 1,400 offshore turbines, according to the UK Wind Energy Database.

 

Financialtribune.com