As European stock markets were falling, Siemens’ revamped programme seduced investors.
The share price of the German engineering giant, Frankfurt’s top group in terms of market capitalisation, closed up 1.8% on Thursday. It was also helped by better-than-expected quarterly results.
Over the next two years, the group wants to reduce its costs by 6 billion euros, 2 more than anticipated. Job cuts are to be expected.
Siemens will sell its loss-making assets – it’s already getting rid of its solar panels division. The idea is to invest in higher margin assets as illustrated by the acquisition of Belgium’s industrial simulation software maker LMS International.
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