Siemens Energy, which supplies turbines to the power industry, will replace Nivea manufacturer Beiersdorf in Germany’s blue-chip DAX index from March 22, stock exchange operator Deutsche Boerse said.
Spun off from former parent Siemens AG last year, Siemens Energy, which also owns a 67% stake in wind turbine maker Siemens Gamesa, quickly joined Germany’s midcap index after its listing in September.
Since the listing, Siemens Energy shares have gained more than a third, giving the company a market valuation of about 21.89 billion euros ($26.39 billion).
“The fact that we will become a DAX member so soon after our initial listing on the stock exchange is a great recognition of our company’s proposition and the commitment of our employees,” Siemens Energy Chief Executive Christian Bruch said.
“As a leading energy technology company, we want to actively shape the energy transition and grow profitably.”
Beiersdorf will take Siemens Energy’s place in the MDAX.