SIE.DE - Siemens Aktiengesellschaft

XETRA - XETRA Delayed price. Currency in EUR
100.34
+0.59 (+0.59%)
At close: 5:35PM CEST
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Previous close99.75
Open99.75
Bid100.28 x 44200
Ask100.30 x 100000
Day's range99.60 - 100.66
52-week range90.85 - 121.70
Volume1,669,067
Avg. volume1,932,103
Market cap81.28B
Beta (3Y monthly)0.90
PE ratio (TTM)18.36
EPS (TTM)5.46
Earnings date1 Aug 2019
Forward dividend & yield3.80 (3.81%)
Ex-dividend date2019-01-31
1y target estN/A
  • Siemens and partners to invest 30 million euros in Goerlitz site
    Reuters2 days ago

    Siemens and partners to invest 30 million euros in Goerlitz site

    Siemens , the state of Saxony and the Fraunhofer-Gesellschaft are creating around 100 new jobs by investing roughly 30 million euros (£26.96 million) at the engineering company's site in Goerlitz, eastern Germany. The partners are establishing an innovation campus and a company start-up accelerator on the site of Siemens's industrial steam turbine plant, which currently employs 800 people. Siemens and the Fraunhofer-Gesellschaft, a German research organisation, will also establish a hydrogen research laboratory to study the production, storage and use of hydrogen, the company said in a statement on Monday.

  • 15Five raises $30.7M to expand its employee development toolkit
    TechCrunch9 days ago

    15Five raises $30.7M to expand its employee development toolkit

    15Five, which builds software and services to help organisations and their employees evaluate their performance, as well as set and meet goals, has closed a Series B round of $30.7 million, money that it plans to use to continue building out the functionality of its core product -- self-evaluations that take "15 minutes to write, 5 minutes to read" -- as well as expand into new services that will sit alongside that. David Hassell, 15Five's CEO and co-founder, would not elaborate on what those new services might be, but he recently started a podcast with the startup's "chief culture officer" Shane Metcalf around the subject of "best-self" management that taps into research on organizational development and positive psychology. At the same time that 15Five works on productizing these principles into software form, it seems that the secondary idea will be to bring in more services and coaching into the mix alongside 15Five's existing SaaS model.

  • Reuters - UK Focus12 days ago

    UPDATE 2-European shares retreat from 12-month highs on Hexagon outlook, dimmer rate cut hopes

    European shares broke a six-day winning streak on Friday as poor German data and a downbeat outlook from Sweden's Hexagon weighed, and losses deepened after strong U.S. jobs data saw investors trimming bets of an aggressive rate cut by the U.S. Federal Reserve this month. The pan-European STOXX 600 index finished down 0.7% on broad-based losses, capping the week's gains at 1.4%.

  • Reuters - UK Focus12 days ago

    LIVE MARKETS-U.S. jobs data spoils this week's stock market party

    * STOXX falls 0.7% * Strong U.S. jobs data sends U.S. futures lower * German industrial orders drop sharply * Industrials stocks fall 1.9% * Hexagon tumbles 12% after warning about China slowdown July 5 - Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Josephine Mason. Reach her on Messenger to share your thoughts on market moves: josephine.mason.thomsonreuters.com@reuters.net U.S. JOBS DATA SPOILS THIS WEEK'S STOCK MARKET PARTY (1327 GMT) A sharp rebound in U.S. jobs growth in June has pushed European stocks and U.S. futures further lower as investors grow nervous this will lead to Fed delaying rate cuts.

  • Osram Accepts $3.8 Billion Offer From Bain and Carlyle
    Bloomberg12 days ago

    Osram Accepts $3.8 Billion Offer From Bain and Carlyle

    (Bloomberg) -- Osram Licht AG’s supervisory and managing boards accepted a 3.4 billion euro ($3.8 billion) takeover bid from Bain Capital and Carlyle Group LP, ending the German lighting company’s relatively brief and at times contentious period as a standalone company.Bain and Carlyle are offering 35 euros a share, 21% more than the stock’s close on Tuesday, amid reports about the latest offer. The price is still 15% lower than its peak this year in February. They’ve put a minimum acceptance level of 70% on the deal, excluding shares owned by Osram, and the acceptance period will run until early September. The stock rose 1.4% to 32.94 euros at the open of trading in Frankfurt.“Bain and Carlyle bring a lot of experience and have a deep knowledge of the industry,” Ingo Bank, Osram’s chief financial officer, said in a Bloomberg TV interview on Friday. “They will help us build the portfolio.”Bloomberg reported earlier Thursday that Osram’s supervisory board was poised to accept the offer.After Siemens AG spun off the light bulb-making division in 2013, Osram Chief Executive Officer Olaf Berlien began to refocus on higher technology, sparking a bitter and public dispute over strategy. Bain and Carlyle’s purchase of Osram would add to the $51.6 billion in private equity buyouts of European companies announced this year, according to data compiled by Bloomberg.Negotiations to buy Osram have moved slowly since they were first revealed in February. Funding has been a challenge as potential lenders raised concerns about future earnings forecasts for the company after Osram issued a string of profit warnings.Osram’s earnings deterioration during negotiations had a big impact on the deal, and the bidders also had concerns about the impact of the U.S.-China trade war on business. Bain and Carlyle were able to push down the offer price, but also struggled to raise a significant amount of debt, people familiar with the matter said. In the end about 70% of the acquisition cost -- an unusually high proportion -- comes from equity, or cash contributed by the buyers, while the remainder will be borrowed money, the people said.The offer is unlikely to include a so-called material adverse change clause, one of the people said, a provision that would allow the buyer to withdraw from the transaction if certain negative events like a fresh profit warning arise. The buyout firms declined to comment.Osram suffered from a downturn in the automotive industry, yet there remain growth opportunities in that sector, including with autonomous vehicles and continued digital lighting, Bank said in the interview. Bain and Carlyle will be focused on margin improvement as well as growing the business, he added.What Bloomberg Opinion Says“It would require real guts to turn down what Bain and Carlyle are dangling. Osram was already in a weak state when news about the potential bid first emerged in November.”--Bloomberg Opinion columnist Chris HughesThe German company has struggled since it was spun off from Siemens. Berlien shifted Osram’s focus to high-tech specialized lighting and LED chips, although he’s failed to get a handle on weakening market demand as European car sales drop. He has also tried to branch out into new areas to attract revenue such as through the purchase of horticultural lighting maker Fluence.Bain and Carlyle support the company’s strategy, and the bid is “attractive to employees as a lot of the labor provisions will stay intact so, yes, we support the offer,” Bank said.Osram now has the task of getting shareholders on board. Given the board’s acceptance of the offer came just last night, Bank said the company “doesn’t have much feedback” from shareholders yet, but expects the bid to receive “very good support” from investors.The company is hoping to avoid the fate of other take-privates in Germany such as online classifieds operator Scout24 AG, where Blackstone Group LP and Hellman & Friedman in May failed to convince sufficient shareholders to sell amid pressure from hedge funds to boost the offer price.AMS InterestDuring negotiations with Bain and Carlyle, Austrian sensor manufacturer AMS AG made an informal approach about a potential takeover of Osram, according to people familiar with the matter. While there was some strategic fit to a deal, Osram decided against pursuing talks because of concerns about the feasibility of AMS to fund the transaction due to its size and debt levels, said the people.A representative for AMS, which has a market value of $3.4 billion and counts Apple Inc. among its key clients, declined to comment.Credit Suisse Group AG, Goldman Sachs Group Inc., JPMorgan Chase & Co., Macquarie Group Ltd. as well as Nomura Holdings Inc. were financial advisers to Bain and Carlyle. Perella Weinberg Partners LP worked with Osram.(Adds info on offer, AMS interest and advisers from seventh paragraph.)\--With assistance from Andrew Noël.To contact the reporters on this story: Eyk Henning in Frankfurt at ehenning1@bloomberg.net;Aaron Kirchfeld in London at akirchfeld@bloomberg.net;Sarah Syed in London at ssyed35@bloomberg.netTo contact the editors responsible for this story: Matthew G. Miller at mmiller144@bloomberg.net, Amy Thomson, Ben ScentFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Reuters - UK Focus12 days ago

    LIVE MARKETS-Opening snapshot: Dismal German data derails rally

    * STOXX falls 0.2% * German industrial orders drop sharply * Industrials stocks fall 1.1% * Hexagon tumbles 13% after warning about China slowdown July 5 - Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Josephine Mason. Reach her on Messenger to share your thoughts on market moves: josephine.mason.thomsonreuters.com@reuters.net OPENING SNAPSHOT: DISMAL GERMAN DATA DERAILS RALLY (0745 GMT) Earlier this morning, the markets appeared to be struggling for direction after quiet Asian trading and the U.S. out for the July 4 holiday. Investors are also staying on the sidelines ahead of crucial U.S. jobs data later in the day.

  • Bloomberg14 days ago

    Europe Thinks Like China in Building Its Own Battery Industry

    The European Union is starting to act like China when it comes to building the batteries that will drive the next generation of cars and trucks.In the past few months, government officials led by European Commission Vice President Maros Sefcovic have joined with manufacturers, development banks and commercial lenders on measures that will channel more than 100 billion euros ($113 billion) into a supply chain for the lithium-ion packs that will power electric cars.Germany and France are prodding for action out of concern that China is racing ahead in new technologies sweeping the auto industry. With 13.8 million jobs representing 6.1% of employment linked to traditional auto manufacturing in the EU, authorities want to ensure that manufacturers can pivot toward supplying electric cars and batteries.“We are walking the talk,” Sefcovic said in remarks to Bloomberg. “We have overcome an initial resignation that this battle would be a lost one for Europe.”A number of trends are catalyzing the program, starting with the determination by EU nations to rein in greenhouse gases and fight climate change. They’re increasingly focused on reducing pollution from diesel engines and alarmed at the head start Chinese companies have in greener technologies. French President Emmanuel Macron in February said he “cannot be happy with a situation where 100% of the batteries of my electric vehicles are produced in Asia.”Drive Trains Go ElectricSo far, the EU’s program is starting to work and putting Europe on track to wrest market share away from China. By 2025, European companies that currently lack a single large battery maker will rival the U.S. in terms of capacity, according to forecasts from BloombergNEF. Measures that will spur investment include:France and Germany are working on measures to channel billions of euros into the battery industry. Sefcovic has said the EC may be able to embrace the state-aid proposal as a special project by the end of October. The two nations are seeking to draw in additional support from Spain, Sweden and Poland.The European Investment Bank gave preliminary approval in May to a 350 million-euro loan supporting NorthVolt AB’s bid to build a battery gigafactory in Sweden after the company completed a fund raising. The EIB along with the European Bank for Reconstruction & Development are working on a “raw materials investment facility” that will help to build a supply chain for rare Earth metals needed for batteries, according to Sefcovic who says he hopes the program will be launched by the end of the year. The EU in May started a 100 million-euro Breakthrough Energy Ventures fund with Microsoft Corp. founder Bill Gates and other investors to advance the energy transition, which is likely to include batteries. The EC has gathered at least 260 industrial companies including Peugeot SA, Total SA and Siemens AG in an alliance aimed at building capacity to make the energy storage devices in Europe.“A year or two ago, everyone was under the impression that it was already too late for Europe,” said James Frith, an energy storage analyst at BloombergNEF in London. “But they’ve made a commitment, and Europe is in a strong position now.”By 2025, Europe may control 11% of global battery cell manufacturing capacity, up from 4% now, according to Frith. That will pare back China’s market share and rival the U.S. command of the industry. The EC estimates the battery market may be worth 250 billion euros a year by then. It estimates at least 100 billion euros already has been committed to battery factories or their suppliers in Europe.The goal is to build enterprises in Europe that could supply the region’s automakers without requiring imports from the major battery manufacturing centers in Asia. Currently, Contemporary Amperex Technology Co., or CATL, and BYD Co. dominate production in China. Elon Musk’s Tesla Inc. is also building battery gigafactories in the U.S.So far, Europe has no established battery supply chain, though it has drawn investment in local factories from Korean firms including LG Chem Ltd. and Samsung SDI Co. as well as CATL.The new ambition of the commission is to stimulate companies big enough to supply the likes of BMW AG and Volkswagen AG, which plan a massive increase in electric car production. Across the industry, the outlook is for a rising portion of cars to run on batteries in the coming years.No single company will get the lion’s share of the investment or aid. Instead, dozens will benefit in addition to Peugeot and Total, which are building a cell plant in Kaiserslautern, Germany. Funds will also trickle into suppliers of parts or raw materials including Siemens, Umicore SA, Solvay SA and Manz AG.Scarred by losing control of the solar industry in the last decade, Germany is leading the push. The nation was the biggest producer of solar cells in the early 2000s before Chinese companies backed by government loans took the lead.When it comes to batteries, Economy and Energy Minister Peter Altmaier is focused on the 800,000 jobs in Germany tied directly to car manufacturing. Batteries account for about a third of the value of an electric car, and without facilities to make those in Europe, more jobs will go to Asia, Altmaier has said.“There’s going to be huge demand in Europe for battery cells,” Altmaier said on ARD Television in June. “We must have the ambition to build the best battery cells in the world in Europe and Germany.”Sefcovic envisions 10 or 20 “gigafactories” making battery cells across Europe and with his support the European Battery Alliance is seeking to coordinate research that will be the foundation of the plan. NorthVolt intends to be one of the major battery makers, feeding BMW and other major automakers.“If we want to be one of the major manufacturers in Europe by 2030 we need to build about 150 gigawatt-hours of capacity,’’ said NorthVolt Chief Executive Officer Peter Carlsson. “The customer demand is so strong that we are accelerating our plans. We have taken a huge step on the way to create a new Swedish industry that will have a big impact in cutting our dependence of fossil fuels.’’To contact the reporters on this story: Ewa Krukowska in Brussels at ekrukowska@bloomberg.net;Jesper Starn in Stockholm at jstarn@bloomberg.netTo contact the editors responsible for this story: Reed Landberg at landberg@bloomberg.net, Brian ParkinFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Reuters - UK Focus19 days ago

    ChargePoint teams up with MVV Energie to expand in Germany

    Silicon Valley-based ChargePoint, one of the world's largest operators of charging stations for electric vehicles, said it had teamed up with local German utility MVV Energie to further expand in Europe's largest economy. ChargePoint will sell its charging equipment via MVV's sales channels, while MVV, headquartered in the German city of Mannheim, will focus on embedding electric charging in its energy services. The partnership aims to make it easier for electric car owners to charge at home while utility clients will be able to control and organise their power demand and electric vehicle charging needs in one place.

  • Rolls-Royce Chief Looks to the Electric-Jet Future
    Bloomberg26 days ago

    Rolls-Royce Chief Looks to the Electric-Jet Future

    (Bloomberg) -- Rolls-Royce Holdings Plc’s Warren East said he’s keen to lead the engine maker into a new age of electrically powered aircraft after spending years focused on costs cuts and restructuring.The CEO, recruited by Rolls from semiconductor developer ARM Holdings Plc, said his enthusiasm for leading the U.K. engineering giant is undimmed by the saga of firings, disposals and internal realignments, and that he wants to stay at the helm through a new phase of expansion and technological change.“I didn’t join Rolls-Royce to do restructuring,” East, who has been chief executive for four years next month, said in an interview at the Paris Air Show. “I’m not a turnaround person. Once you’ve made it a more competitive business you want to resume the journey of growing market share.”East took over after Rolls had been rocked by a run of profit warnings and a corruption probe. Things got worse before they got better, with the CEO saying problems were more deep-seated than he’d realized and ordering thousands of job cuts. Technical faults with the Trent 1000 engine that powers Boeing Co.’s 787 also forced the group to focus on emergency repairs when it should have been preoccupied with a production ramp-up vital to future earnings.Rolls-Royce’s margins are still behind those of other major aero-engine manufacturers and East said he needs to close that gap and make the London-based company more competitive before he can return to expansion.Electric FutureThe upheaval that would come with a switch to hybrid and electrical propulsion could play to Rolls’s advantage, the CEO said, with the “discontinuity” creating an opportunity to grab a higher market share in a wholly new market.A move away from jet propulsion had been regarded as decades away, but Airbus SE is now actively studying the introduction of an electric-hybrid design with its next narrow-body plane, and such technology has been a hot topic at this week’s aviation expo in the French capital.“A few years ago there wasn’t this noise at an air show about electric propulsion, you really had to look hard for it, if at all,” East said.Rolls put down a marker at the show with the purchase of a Siemens AG business that formed part of a venture with Airbus to build a small regional hybrid aircraft, and the CEO said the greater potential of electric planes is clear, with performance improvements of no more than 1% a year being eked out from gas turbines, compared with a 10% jump in battery energy density.East said cutting so many jobs has been tough, but that his aim is to position Rolls to be competitive for the next 50 years and beyond.“It’s obviously uncomfortable for some people who are either going to lose their job themselves, or they know somebody who is going to lose their job,” he said. “But it’s getting them to understand that we’re not some hard-man management that is just doing this so we can line the pockets of investors.”To contact the reporter on this story: Benjamin Katz in Paris at bkatz38@bloomberg.netTo contact the editors responsible for this story: Anthony Palazzo at apalazzo@bloomberg.net, Christopher Jasper, Andrew NoëlFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Huawei’s Troubles Are a Big Opportunity for Ericsson and Nokia
    Bloomberg28 days ago

    Huawei’s Troubles Are a Big Opportunity for Ericsson and Nokia

    (Bloomberg) -- Over the past two decades, China’s Huawei Technologies Co. has come to dominate the global telecom equipment market, winning contracts with a mix of sophisticated technology and attractive prices. Its rise squeezed Europe’s Nokia Oyj and Ericsson AB, which responded by cutting jobs and making acquisitions. Now, with Huawei at the center of a U.S.-China trade war, the tide is turning.Nokia and Ericsson—fierce rivals themselves—have recently wrested notable long-term deals from Huawei to build 5G wireless networks, to enable everything from autonomous cars to robot surgery. Analysts say more could come their way as Huawei grapples with a U.S. export ban and restrictions from other governments concerned that its equipment could enable Chinese espionage.“Huawei will, for the foreseeable future, face a broader cloud of suspicion,” said John Butler, an analyst at Bloomberg Intelligence in New York. “Nokia and Ericsson are well positioned to benefit.”In May, the European companies both won 5G contracts from SoftBank Group Corp.’s Japanese telecom unit, replacing Huawei and Chinese peer ZTE Corp. Ericsson signed a similar pact in March with Denmark’s biggest phone company, TDC A/S, which had worked with Huawei since 2013 to modernize and manage its network.Other carriers, expecting government curbs on Huawei, have started removing its equipment from sensitive parts of their systems. BT Group Plc is taking Huawei out of its network core, and Vodafone Group Plc has suspended core equipment purchases from Huawei for its European networks. Deutsche Telekom AG, which has Huawei throughout its 4G system, is re-evaluating its purchasing strategy.Nokia and Ericsson are Europe’s final survivors of a merciless winnowing of more than a half-dozen telecom equipment providersAs dozens of phone companies—including those in Canada, Germany and France—plan to choose 5G suppliers in the coming months, Cisco Systems Inc. and Samsung Electronics Co. are also vying for deals. But the key beneficiaries of Huawei’s difficulties are likely to be the two Europeans, which compete directly with the Chinese company in supplying radio-access network equipment.Since last year, the Trump administration has pushed allies to bar Huawei from 5G, citing risks about state spying—allegations the company has denied. The move in May to block Huawei’s access to U.S. suppliers escalated the campaign. The company’s founder, Ren Zhengfei, now predicts the U.S. sanctions will cut its revenue by $30 billion over the coming two years.Outside the U.S., security concerns have led Australia, Japan and Taiwan to bar Huawei from 5G systems. The Chinese company also risks losing meaningful work in Europe and emerging markets where countries could follow with their own limits, according to Bloomberg Intelligence.Publicly, executives from Nokia and Ericsson have been careful not to come off as critical of Huawei. Both manufacture in China and sell gear to Chinese phone carriers, and Nokia has a big research and development presence there. Nokia says it has already been forced to shift some of its supply chain away from China to reduce the impact of tariffs imposed by the Trump administration.QuicktakeHow Huawei Became a Target for GovernmentsInstead of piling on Huawei, the European carriers have trumpeted their 5G successes, each using slightly different metrics. Ericsson claims it has the most publicly announced 5G contracts—21—while Nokia says it has raked in more commercial 5G deals than any other vendor (42). Huawei says it has signed 46 5G contracts. A spokesman for Huawei declined to comment further about its position relative to rivals.Ericsson is “first with 5G,” after building high-speed networks for companies such as AT&T Inc., Swisscom AG in Switzerland and Australia’s Telstra Corp., said Chief Technology Officer Erik Ekudden. “You see that in some markets that we are attracting more customers.”Nokia is winning 5G deals “quite handsomely,” Chief Executive Officer Rajeev Suri told Bloomberg TV on June 10.While Suri said more carriers are likely to swap out Huawei gear in countries that have announced restrictions, the situation is less clear in Europe. “We don’t know yet the impact of specific operator plans,” he said in an interview. “We also don’t know where this geopolitical thing will end up.”Nokia and Ericsson are Europe’s final survivors of a merciless winnowing of more than a half-dozen telecom equipment providers. Bloated costs, a cyclical marketplace, cash-strapped customers, and the relentless rise of Huawei—aided by access to generous Chinese state financing—helped push the likes of Canada’s Nortel Networks Corp. and Germany’s Siemens AG out of the industry.Nokia paid some $2 billion in 2013 to buy Siemens out of a joint venture established to compete against Ericsson and Huawei. Then in 2015, it spent another almost $18 billion acquiring Alcatel-Lucent to broaden its product offering after pushing through more than 25,000 job cuts in the preceding three years. Still, Huawei’s share of the $33 billion of sales in the global mobile infrastructure market surged to 31% in 2018 from 13% in 2010, IHS Markit data show.Huawei, despite its troubles, remains a potent rival. Many phone companies in Europe deem its base stations, switches and routers technologically superior. Fully excluding Huawei and ZTE from 5G would raise radio-access network costs for European phone companies by 40%, or 55 billion euros ($62 billion), the GSMA industry group predicts in an unpublished report seen by Bloomberg. Nokia and Ericsson would have to almost double production to absorb Huawei and ZTE’s business in Europe and could struggle to meet demand, the GSMA report says.Quicktake5G and EspionageBengt Nordstrom, CEO of telecom consultancy Northstream AB, says the situation is perilous for everyone in the industry, as vendors’ budgets could be hit if Huawei faces greater restrictions. “Many component suppliers are already in a tough situation,” Nordstrom said. “They need to spend a lot of money on research, and that means they need access to the entire global market.”For carriers, swapping vendors isn’t as simple as flipping a switch. It takes about two years to plan and implement such a technology shift and install the new equipment, Nordstrom said.Both Nokia and Ericsson are working to make it easier for carriers to switch. Nokia has developed what it calls a “thin layer” of its 4G technology to connect to a new 5G system, allowing a carrier to avoid a wholesale swap of another supplier’s equipment. Ericsson also has a solution to allow a carrier to swap out only a portion of existing infrastructure, and says it can make some areas work side-by-side with Ericsson’s 5G gear.Nokia and Ericsson can agree on one thing: Claims of Huawei’s technological superiority are overblown. They note that they’re involved in the latest networks in the U.S., where carriers are rolling out 5G faster than the Europeans.“We compete quite favorably with Huawei,” Suri said, “with or without the current security concerns.”(Updates to add Nokia and Ericsson production estimate in sixth-last paragraph. An earlier version of the story corrected the ninth paragraph to reflect that Telstra Corp. is an Australian company.)\--With assistance from Caroline Hyde, Kati Pohjanpalo and Angelina Rascouet.To contact the authors of this story: Stefan Nicola in Berlin at snicola2@bloomberg.netNiclas Rolander in Stockholm at nrolander@bloomberg.netTo contact the editor responsible for this story: Rebecca Penty at rpenty@bloomberg.net, David RocksFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Siemens to Cut 2,700 Jobs at Energy Unit Due for Listing
    Bloomberg29 days ago

    Siemens to Cut 2,700 Jobs at Energy Unit Due for Listing

    (Bloomberg) -- Siemens AG said it will cut 2,700 jobs at its power and gas division, part of a sweeping overhaul announced last month to spin off the embattled business.The reductions, representing about 4% of the unit’s workforce, will take place over several years, mainly at engineering, procurement and construction projects, as well as power transmission products, Siemens said Tuesday. About 1,400 of the lost positions will be in Germany. The decision comes on top of 10,000 job cuts at other businesses announced in May.“The planned measures will help us create more opportunity for growth and the security that comes from being a competitive player in the energy market,” Lisa Davis, head of Gas and Power, said in a statement.Back in May, investors cheered Siemens’ plans to carve out the sprawling power assets, representing the deepest cut to the core of the manufacturing conglomerate that has shed and built up several major assets over the decades. Once spun off, the gas turbine business will include Siemens’ 59% stake in its wind power company Siemens Gamesa Renewable Energy. A share sale is planned by September next year.The division, making large gas turbines and other oilfield equipment, already announced 6,000 job cuts in 2017 as renewable energy disrupts the sector. Siemens Chief Executive Officer Joe Kaeser doesn’t expect the global gas turbine market to recover in the medium-term. Changes in demand have reduced sales of turbines to about 110 a year, compared with global manufacturing capacity of 400.The decision to reduce jobs “lacked imagination,” the IG Metall union said in a statement, calling for investments in qualification of employees.Siemens rose 2.3% to 105.80 at the close of trading, after an intraday high of 106.14 euros. The stock has gained 8.7% this year.(Updates with union comment in 6th paragraph.)To contact the reporter on this story: Oliver Sachgau in Munich at osachgau@bloomberg.netTo contact the editors responsible for this story: Anthony Palazzo at apalazzo@bloomberg.net, Elisabeth BehrmannFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Siemens to cut 2,700 jobs at gas and power unit
    Reuters29 days ago

    Siemens to cut 2,700 jobs at gas and power unit

    Siemens plans to cut 2,700 jobs at its gas and power company, in addition to 10,400 it is already shedding in its core units, the German engineering firm said on Tuesday. Siemens said last month it was spinning off its gas and power business, which has acted as a drag on the firm's performance as the rise of renewable power hits demand for gas turbines. The cuts will primarily affect the projects and power transmission businesses as well as support functions.

  • Barrons.com29 days ago

    GE Investors May be Caught in an ‘Echo Chamber’

    Much of the recent negative information on GE seems to have come from GE’s biggest competitor. That raises a new risk for GE investors: The echo chamber.

  • Oilprice.comlast month

    Energy Majors Face Off To Get A Piece Of This $40 Billion Deal

    International energy companies are descending on Iraq for a bid on the country’s $40 billion infrastructure overhaul imitative

  • GE poised for significant power orders in Iraq after U.S. push - sources
    Reuterslast month

    GE poised for significant power orders in Iraq after U.S. push - sources

    NEW YORK/BAGHDAD/WASHINGTON (Reuters) - General Electric Co potentially stands to win a large share of multibillion-dollar contracts to rebuild Iraq's electricity system, reflecting a change in how Iraq intends to award the work after the United States lobbied for GE, according to sources familiar with the matter. Iraq signed five-year "roadmap" agreements with GE and Siemens AG last October under which the country plans to spend about $14 billion (£11.07 billion) on new plants, repairs, power lines and, eventually, equipment to capture for use natural gas that is now being flared off. In awarding projects to Siemens in April, however, Iraq's prime minister said the German company was well-placed to win the bulk of future deals.

  • GE poised for significant power orders in Iraq after U.S. push -sources
    Reuterslast month

    GE poised for significant power orders in Iraq after U.S. push -sources

    NEW YORK/BAGHDAD/WASHINGTON (Reuters) - General Electric Co potentially stands to win a large share of multibillion-dollar contracts to rebuild Iraq's electricity system, reflecting a change in how Iraq intends to award the work after the United States lobbied for GE, according to sources familiar with the matter. Iraq signed five-year "roadmap" agreements with GE and Siemens AG last October under which the country plans to spend about $14 billion on new plants, repairs, power lines and, eventually, equipment to capture for use natural gas that is now being flared off. In awarding projects to Siemens in April, however, Iraq's prime minister said the German company was well-placed to win the bulk of future deals.

  • Is There More To Siemens Aktiengesellschaft (FRA:SIE) Than Its 6.4% Returns On Capital?
    Simply Wall St.last month

    Is There More To Siemens Aktiengesellschaft (FRA:SIE) Than Its 6.4% Returns On Capital?

    Today we are going to look at Siemens Aktiengesellschaft (FRA:SIE) to see whether it might be an attractive investment...

  • The Possible Upside the Market Is Missing in GE and Siemens
    Motley Fool2 months ago

    The Possible Upside the Market Is Missing in GE and Siemens

    Both companies are, for understandable reasons, being cautious with regard to assumptions over gas turbine demand. But what if they're being too pessimistic?

  • Reuters2 months ago

    Egypt considering selling power plants to private investors -minister

    Egypt is considering selling three recently built power plants to private investors, but talks are still at an early stage, Electricity Minister Mohamed Shaker said on Tuesday. The plants, billed at the time as the world's biggest, were built by Siemens AG in a 6 billion euro ($6.7 billion) deal signed in 2015. Egyptian President Abdel Fattah al-Sisi inaugurated them in July.

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