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Siemens to overhaul China operations

Posted: 20 Nov 2007 ?? ?Print Version ?Bookmark and Share

Keywords:China business? industrial application? automation?

After bribery scandals rocked its China operations, Siemens announced it will restructure its business in the country to focus on energy development, industrial applications and automation technologies, according to a report.

Andreas Matthe, executive VP of Siemens China, disclosed to local media that Siemens will integrate its current core businesses to form up to three new businesses targeted at the energy, industry and health sectors, but emphasized that the restructuring won't affect its normal operations in China. He added that Siemens" business revenue in China is likely to reach about $14.66 billion by 2010.

The company reportedly suffered $277 million in net losses in Q4 due to the bribery scandals.

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