Siemens Energy is preparing to spin off its Transformation of Industry (ToI) division and is exploring potential ownership structures as it concentrates on power generation and transmission. The business, which makes products including steam turbines and electrolysers for industrial customers, generated €5.7 billion ($6.7 billion), or 15% of group sales, last year and had an 11% profit margin. Siemens Energy previously said it planned to deconsolidate most of ToI while retaining a meaningful minority stake. The separation is intended to give the unit greater entrepreneurial flexibility and growth options, while allowing Siemens Energy to direct more capital toward its faster-growing gas-turbine and power-transmission businesses, which are benefiting from record orders and strong demand linked to the expanding U.S. data-center sector.