Tuesday, July 1, 2008

Siemens: Siemens lands €17bn from green market; To Cut 17,000 Jobs (SI)

From Greenbang:

Just how much is there to make from the green devices? Well, if you’re General Electric (GE) or Siemens then rather a lot.

The two firms recently announced revenues from environmentally friendly products and, between the two, they’ve earned an staggering $40.3 billion - say that again, forty billion dollars.

And it’s set to rise even further within the next two to three years. According to the FT, ‘the German conglomerate said it had revenues of €17bn ($26.3bn) last year from such products against $14bn at GE. Siemens is aiming to earn €25bn by 2011 against a GE target of $25bn in 2010.’

It does appear that Siemens and GE have defined their own figures, so may need to be taken with a pinch of salt. For example, GE believes nuclear power reactors and jet engines are both environmentally friendly. Whereas Siemens has included gas turbines. Siemens has stated that the auditing firm Price Waterhouse Coopers approved its criteria....MORE

From the International Herald Tribune:

Siemens, the German engineering and electronics company, plans to cut 17,200 mostly white-collar jobs as it seeks to reduce its cost base, a person close to the company said Sunday.

The payroll cuts, which will include 6,400 jobs in Germany, represent one of the boldest moves yet by the new chief executive, Peter Löscher, to bring costs under control at the company as part of a restructuring. It also reflects the belief among top Siemens executives that the company must move quickly to streamline its operations before a slowing global economy takes away its room to maneuver....MORE