Siemens Targets €100 Bln Revenue
Siemens AG of Germany intends to be a leading participant in the dynamic growth of cities and infrastructure investments. To achieve this, the group is founding a fourth sector - Infrastructure & Cities - that will be comprised of selected businesses from the Industry and Energy Sectors. In the future, the Industry Sector will concentrate exclusively on industry customers and reinforce its industry and service business.
Mr Peter Loescher, Siemens President and CEO, said: “We are orienting Siemens toward technology leadership in a broad spectrum of energy-efficient solutions for cities and industries. With this move, we intend to top the €100-billion mark in business volume in the next few years.”
In addition, Siemens is planning an initial public offering (IPO) for its subsidiary Osram in the fall of 2011. This step will give Osram full entrepreneurial freedom to secure and further expand its leading position in a lighting market being swept by technological change. The Supervisory Board of Siemens AG gave its approval for the IPO at an extraordinary meeting on March 28.
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