Revamped Siemens seduce investors

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By Euronews
Revamped Siemens seduce investors

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.