Siemens unit head sees slower growth in coming year

subscribe

Siemens' head of industry division expects growth to slow in the next fiscal year and said the company would increase capacity with caution in the coming year, according to a media report.

In the second quarter ending in June, new orders in the industry division grew by 10 percent compared with the previous year. The industry division is Siemens' biggest unit by sales.

"We know, we will not see these growth rates again in the next quarters," Heinrich Hiesinger told "Euro am Sonntag".

Currently the situation in regard to new orders was positive despite pessimistic economic news, the paper quoted him as saying.

Engineering group Siemens is due to report third quarter results on July 30.

In a separate interview with German daily Berliner Zeitung, Hiesinger said Siemens could enter the automotive market again if there was demand for some of its components such as electric motors.

But Siemens would not set up an automobile unit of its own again, Hiesinger was quoted as saying.

Last year, Siemens sold its automotive business VDO to tire maker Continental.

Related News

trumps-proposal-on-ukraines-nuclear-plants-sparks-controversy

Trump's Proposal on Ukraine's Nuclear Plants Sparks Controversy

KYIV - In the midst of the ongoing conflict between Russia and Ukraine, U.S. President Donald Trump has proposed a controversial idea: Ukraine should give its nuclear power plants to the United States for safekeeping and management. This suggestion came during a phone call with Ukrainian President Volodymyr Zelenskyy, wherein Trump expressed the belief that American ownership of these nuclear plants could offer them the best protection amid the ongoing war. But Kyiv, while open to foreign support, has firmly rejected the idea of transferring ownership, especially as the Zaporizhzhia nuclear plant remains under Russian occupation.

Ukraine’s nuclear energy infrastructure…

READ MORE
ontario electrical transmission

National Steel Car appealing decision in legal challenge of Ontario electricity fee it calls an unconstitutional tax

READ MORE

Cryptocurrency firm in Plattsburgh fights $1 million electric charge

READ MORE

Iran, Iraq Discuss Further Cooperation in Energy Sector

Iran, Iraq Discuss Further Cooperation in Energy Sector

READ MORE

germany coal plant

Germany is first major economy to phase out coal and nuclear

READ MORE