BERLIN Siemens has already set aside a sum in the hundreds of millions of euros for severance payments as part of its new 6 billion-euro ($ 7.65 billion) cost-cutting program, its finance chief Joe Kaeser said. (Reporting by Maria Sheahan)
BERLIN Germany’s Siemens said it aims to save 6 billion euros ($ 7.65 billion) by 2014, more than expected, as the engineering conglomerate fights to stay competitive in a weak global economy. Munich-based Siemens said on Thursday it aims to improve its margin on operating profit from its four core businesses to at least 12 percent from 9.5 percent last year, as it reported quarterly earnings that were slightly better than expected. As part of its plan to improve profitability, Siemens announced it will buy Belgian industry software maker LMS International for about 680 million euros and sell water businesses [...]
BERLIN Siemens AG aims to save 6 billion euros ($ 7.7 billion) by the end of its 2014 fiscal year, more than expected, as the German engineering conglomerate fights to stay competitive in a weak global economy. An industrial bellwether and Germany’s most valuable company, Siemens has come under pressure to cut costs and focus on its most profitable businesses as the global economy takes longer to recover than it initially expected. “We know what we have to do, and we’re doing it,” Chief Executive Peter Loescher said in a statement on Thursday as the company reported declining quarterly profits [...]
FRANKFURT German engineering conglomerate Siemens will have to take additional gross writedowns of more than 250 million euros ($ 321.13 million) on the solar business that it is exiting, a German paper reported. The additional amount is made up of writedowns on the value of company units, operational losses and writedowns on solar projects that have already been started, Financial Times Deutschland reported in a story to be published on Monday, citing company sources. In total, the company is booking losses of 800 million euros on its solar business, which it started in 2009, the paper added. Siemens announced last [...]
FRANKFURT German engineering conglomerate Siemens is in early internal talks to cut thousands of jobs in response to a weakening economy, particularly in Europe, a German newspaper reported. Decisions could be made in October or November, according to daily Boersen-Zeitung, which did not specify its sources. A Siemens spokesman declined to comment. The report comes amid growing signs that Germany’s economy, which remained relatively robust through large parts of the euro zone crisis, is losing steam. Siemens, Germany’s biggest company by market value, in July reported a big drop in new orders as customers put off investments due to Europe’s [...]
German engineering company Siemens says it has secured its first contract to build a major wind farm in Australia – a facility that will supply electricity to some 180,000 homes in the country’s south. The New Zealand-based Trust Power utility will operate the 90 wind turbines some 87 miles (140 kilometers) north of Adelaide. It said Wednesday the cost of the Snowtown II project totals 439 million Australian dollars ($ 448 million). Siemens, which itself gave no details of the deal’s value, said the wind turbines with a total power generating capacity of 270 megawatts will be operational by 2014. BERLIN