Robert Habeck took his time until he said the word Viessmann for the first time on Wednesday. The Minister of Economic Affairs had come to the Federal Press Conference to present the government's new economic forecast. The improved outlook – instead of 0.2 percent, the government now expects 0.4 percent growth – is "really remarkable," praised the Green politician. The industry has done well despite the increase in energy prices. The cabinet had launched the Skilled Immigration Act.
Johannes Pennekamp
Editor in charge of business reporting.
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Julia Löhr
Business correspondent in Berlin.
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"Germany is an attractive location," the minister concluded. And this is also evident in the Viessmann case, Habeck finally said. The company has an attractive product. In order to grow, Viessmann has now brought a financially strong partner from America to its side. "It is a strengthening of production capacities in Germany," Habeck was convinced.
Since it became known that the heating manufacturer from northern Hesse is selling its air conditioning and heat pump division to the American company Carrier Global, there has been a lot of discussion in Berlin again. Hamburg's Tollerort port terminal, the robot manufacturer Kuka, the former Solar Valley – all sold out to the Chinese, at least that's the widespread perception. The FDP had warned on Tuesday against driving companies out of the country with hastily passed laws. What the allusion referred to was clear: the amendment to the Building Energy Act, which is intended to lead to the expansion of gas heating systems and the installation of heat pumps in boiler rooms.
The project is intended to serve Germany as a business location
A spokesman for Chancellor Olaf Scholz (SPD) countered this on Wednesday with a different interpretation: "Basically, this is good news," he said of the sale of the Viessmann division. This creates the conditions for the ramp-up of heat pumps in Germany. Habeck made a similar statement. The high purchase price – 12 billion euros – shows how attractive German technology is. Now, however, it must be ensured that the project serves Germany as a business location. "As part of the investment review, we will see to it that this is fulfilled."
The message from Berlin is clear: the profits associated with the transformation of the economy towards climate neutrality should remain in Germany. Despite the weak economic outlook, the Chancellor had recently held out the prospect of a new German economic miracle with growth rates similar to those of the sixties. At that time, the gross domestic product grew by around 8 percent. The transformation of the economy towards climate neutrality is creating a new dynamic, Scholz said. Leading researchers, however, consider this to be pure wishful thinking.
"More sweat and tears than a big boom," says Ifo President Clemens Fuest about the medium-term prospects of the German economy. In contrast to the times of the economic miracle, the climate transformation would not create additional production capacities in Germany, but at best replace an old capital stock with a new one. "Prosperity does not increase as a result," says Fuest. He even describes the energy efficiency law planned by the federal government, which provides for lower energy consumption for industry and the public sector, as a "growth killer".
Growth boom not assured
Veronika Grimm, energy economist and member of the German Council of Economic Experts, also believes that a growth boom in Germany is by no means assured. "Something would have to be done about that. In order for companies in this country to grow, they need predictability and not bans," Grimm said, alluding to the planned ban on the installation of new gas or oil heating systems. Both researchers complain that the German government is not relying more on the CO2 price to reduce greenhouse gas emissions.
This would give companies the necessary planning security. Grimm also sees another deficit in the Viessmann case: "Why didn't the company go public in the EU?" she asks. Orienting oneself towards America is apparently simply more attractive. Commenting on Habeck's announcement that he wanted to examine the sale, Ifo President Fuest said: "You can check it, but you won't find any reason to ban it."
A tip in the direction of the FDP
According to the Foreign Trade and Payments Regulation, the Ministry of Economic Affairs can examine takeovers or participations by non-EU investors, regardless of the industry, if a threshold of 25 percent of the shares is exceeded. This is the case with Viessmann. In order to prohibit a planned participation, however, there must be a threat to public safety or order, which is likely to be difficult to argue in the case of a mass product such as the heat pump. It is not a question of German companies producing only for the German market or investing only in this country, Habeck stressed. He referred to the example of Siemens.
The Munich-based group is making acquisitions in America. "You have to face the competition and want it." In the end, he could not resist a tip in the direction of the FDP. The fact that "certain circles" in Germany want a free trade agreement like TTIP with America, but are against the sale of Viessmann to America, is "a cognitive task that I have not yet solved."