Thursday, 9 November 2017

Siemens set to “restructure and resize” Power & Gas division

Fourth quarter revenue came in below target at Siemens, Europe’s biggest industrial conglomerate, while earnings dropped 10% to €2.2 billion – largely caused by its Power & Gas (PG) division and higher costs at its Digital unit. “For years now we’ve been seeing a steady decline in orders for large turbines owing to a booming renewable segment,” CEO Joe Kaeser told investors in Munich, announcing steps to “restructure and resize the business.”

Subscriber content
  Full content is available only to subscribers
please log in below or subscribe now
Or request to register for a free 14 day trial here