Friday, November 26, 2010

"Siemens Long-Cycle Industry Customers Weighing Investments Again" (SI)

The stock is trading down 86 cents at $113.64.
In June's "Siemens Sees Strong Profitability, Decides to Open a Bank (SI)" we saw:
"...Siemens relied on emerging markets and a recovery in its short-cycle business to spur growth..."
Here's the latest from Bloomberg:
Siemens AG said customers for long- cycle industrial products are considering investments again, and that the recovery in short-cycle demand has extended into the first quarter of its fiscal year.

Siemens, based in Munich, continues to review the portfolio of its industrial unit, Siegfried Russwurm, head of Siemens’ industry division, said during an event at Red Bull Racing’s factory in Milton Keynes, where he presented software that’s used to tweak the handling of Formula 1 cars.

Siemens’s industry division, its biggest by sales, accelerated cost cuts, reduced investment and steered its focus toward emerging markets to weather a slump in spending on machinery. The division last year eliminated 16,000 posts and reduced sales and administrative costs by 750 million euros in one year, exceeding a 600 million-euro goal set for two years....MORE, including video
Reuters adds:
Siemens has natural currency hedge -Industry CEO