Siemens CEO says has abandoned 100 billion euro sales target

BERLIN Thu Nov 7, 2013 10:39am EST

Germany's Siemens CEO Joe Kaeser addresses an annual news conference in Berlin November 7, 2013. REUTERS/Tobias Schwarz

Germany's Siemens CEO Joe Kaeser addresses an annual news conference in Berlin November 7, 2013.

Credit: Reuters/Tobias Schwarz

BERLIN (Reuters) - German engineering group Siemens' (SIEGn.DE) new chief executive Joe Kaeser said an annual sales target of 100 billion euros ($135 billion) set under his predecessor, had been abandoned for good.

"If it helps market confidence, then I declare the 100 billion euro goal formally to be dissolved, but I believe that has already been anticipated for some time," Kaeser told analysts after the company published quarterly financial results on Thursday.

Kaeser said Siemens would still strive for growth but "growth is only good if it comes with value, profitability and content", he said.

($1 = 0.7392 euros)

(Reporting by Maria Sheahan)

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