Reuters: Technology News: Siemens to dismantle Infrastructure business in revamp: report

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Siemens to dismantle Infrastructure business in revamp: report Oct 17th 2013, 12:10 Tweet Share this Email Print Reprints The company logo of Siemens AG is pictured atop an office building in Berlin September 30, 2013. Credit: Reuters/Tobias Schwarz FRANKFURT | Thu Oct 17, 2013 8:10am EDT FRANKFURT (Reuters) - German engineering group Siemens plans to dismantle its Infrastructure & Cities (I&C) division and is reviewing other businesses as part of a sweeping corporate reshuffle under new Chief Executive Joe Kaeser, a German magazine reported. I&C was only set up by Kaeser's predecessor Peter Loescher in 2011. It bundles businesses making products ranging from security systems to power distribution systems and high-speed trains and generates an annual revenue of about 17.6 billion euros ($23.7 billion). Manager Magazin cited sources as saying Siemens would shift I&C's businesses to other parts of the company. It is reviewing the structure of its other three main divisions - Industry, Energy and Healthcare - and may opt for a split into a total of five to eight separate units, the magazine said in an excerpt of an article to be published on Friday. Kaeser will announce concrete plans for a reorganization in the European spring of 2014, and any new structure would be implemented a year from now, it said. Siemens declined to comment on the report. The report seemed to contradict recent statements by Kaeser, who said earlier this month that there were no plans for further restructuring measures after the company's current 6 billion euro savings program ends next year. Kaeser, who took office on August 1, has vowed to put Siemens back on an "even keel" and end years of continual restructuring. (Reporting by Maria Sheahan; Editing by Marilyn Gerlach; editing by David Evans) Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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