Thursday, 09 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.”

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