Siemens, Swiss rail company Stadler mull joint venture -magazine
BERLIN, July 6
BERLIN, July 6 (Reuters) - German engineering group Siemens and Swiss rail company Stadler are considering a joint venture to bundle all business projects in short and long-distance traffic, Wirtschaftswoche reported, without citing the source of the information.
The chief executives of both companies have already had several discussions, the magazine reported on Saturday, adding that neither Siemens nor Stadler were willing to comment on possible cooperation.
Siemens, Europe's biggest engineering firm whose products range from hearing aids to gas turbines, announced a massive savings drive late last year to close the gap with more profitable rivals such as U.S.-based General Electric Co and Switzerland's ABB.
Close cooperation with Stadler would help Siemens's cost-cutting efforts, Wirtschaftswoche said, adding the talks were initiated by Stadler CEO Peter Spuhler. (Reporting by Andreas Cremer; editing by James Jukwey)