Siemens Tells Staff It's Committed to Turbine Unit Despite ‘Rumors’

Siemens AG is committed to its gas-turbine unit while recognizing that it has to reduce capacity and cost amid a market slowdown, according to a memo with instructions on how to respond to media inquiries about the future of the business. The memo was sent by Lisa Davis, managing board member responsible for the power and gas division, according to a person familiar with the document. It was sent in the wake of a Bloomberg News report this week that the company is considering options including a possible sale of the turbine-manufacturing operation housed in the division she oversees.