Siemens AG announced its most sweeping overhaul in years as Europe’s largest engineering firm tries to adapt to new technologies that are disrupting its core businesses and avoid the fate of General Electric, its struggling rival.
The Munich-based company said it would shrink the number of operating divisions to three from five as it focuses on factory software and energy distribution. It pledged to boost revenue growth and the return on sales of Siemens’s industrial business by 2 percentage points in the medium term even as its once-flagship gas turbine business deteriorated.
Source : www.iol.co.za