BREAKING NEWS

BREAKING NEWS

Siemens to merge industrial divisions in revamp -Manager Magazin

Now Reading:

Siemens to merge industrial divisions in revamp -Manager Magazin

Siemens to merge industrial divisions in revamp -Manager Magazin
Text size Aa Aa

BERLIN (Reuters) - Siemens <SIEGn.DE> Chief Executive Joe Kaeser will reveal plans in August to reduce the number of industrial divisions at the engineering group to boost efficiency, Germany's Manager Magazin reported on Thursday.

The long-awaited strategy dubbed "Vision 2020+" foresees scaling back the number of industrial units to three from five and giving the new divisions higher margin targets, spurred by a goal to loosen central control to enable operations to thrive, the monthly magazine reported on its website, citing company sources.

Part of the plan is to merge the so-called Digital Factory unit with operations designed to automate process industries, and to combine overland high-voltage networks with the power plant business, the magazine said, adding the restructuring is to be implemented from Oct. 1.

Other steps involve breaking up energy management and to bring together power distribution networks with building technologies, according to Manager Magazin.

"At the present time we are working with patience and care on refining the corporate strategy," a spokesman said by email. "We will act wherever changes are necessary. In doing so, we will always focus on proximity to customers as well as competitiveness and innovativeness."

Earlier this year, the Munich-based group floated a minority stake in its health care unit Healthineers, which makes X-ray and MRI machines, in one of Germany's biggest listings in recent years. [nL8N1QY1SV]

(Reporting by Andreas Cremer and Alexander Huebner; Editing by Maria Sheahan and Elaine Hardcastle)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.