Siemens AG, Europe’s largest engineering company, has announced sweeping changes to its company structure today while posting a 14% drop in net income to €1.2 billion in the third quarter amid a “sharp decrease in profit” at its turbine division. Shrinking the number of operating divisions from five to three – ‘Gas & Power’, ‘Smart Infrastructure’ and ‘Digital Industries’ – Siemens pledges it will increase the return-on-sales at its industrial business by 2% in the near-term future.
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