|
Siemens in U.S. revamp
|
 |
November 27, 2000: 11:06 a.m. ET
German engineering firm aims profit boost through U.S. reorganization
|
LONDON (CNNfn) - German electronics and electrical engineering company Siemens plans a major reorganization of its U.S. operations next year aimed at raising profitability, a spokesman for the company confirmed Monday.
The Munich-based company, which reported more orders in the United States than in Germany for the first time last year, will start the overhaul in January ahead of the company's planned New York stock listing in March, Siemens spokesman Gerd Henghuber told CNNfn.com.
Part of the plan will focus on improving Siemens' brand image in the United States, he said.
| |
|
|
| |
|
|
| |
The objective is to assess the positioning of our divisions there to obtain critical mass and raise profitability.
|
|
| |
|
|
| |
|
|
| |
|
|
| |
Heinrich von Pierer
Chief Executive
Siemens |
|
Henghuber said it was unclear how much the reorganization would save Siemens and that the company was unsure if the changes would lead to any job cuts.
Chief Executive Heinrich von Pierer was quoted by the Financial Times' Web site Sunday as saying that Siemens will reinforce cooperation between its 30 businesses in the United States with joint ventures and a common holding company.
"We have been and will be conducting a radical portfolio review process in the U.S.," von Pierer was quoted as saying. "The objective is to assess the positioning of our divisions there to obtain critical mass and raise profitability."
 Siemens will create four so-called customer clusters in the fields of health care, airports, e-commerce, and high technology, Henghuber said.
Financial control, accounting, human resources management, and branding, now handled by individual operations, will fall under shared services in the New York-based Siemens Corp., he added.
Siemens (FSIE) shares were up 2.9 percent at  139.99 in afternoon trading in Frankfurt. 
|
|
|
|
|
|
Siemens
|
Note: Pages will open in a new browser window
External sites are not endorsed by CNNmoney
|
|
|
|
 |
|
