China in auto power play
It might not shake up the industry just yet, but China's interest in Volvo and Saab is the start of something big in global autos, writes columnist Wei Gu. Commentary
UPDATE 1-Siemens finance head positive on Q3 turnover
(adds more detail, background on SEN, Mobility unit)
FRANKFURT, June 7 (Reuters) - The finance chief of German industrial giant Siemens (SIEGn.DE) on Saturday said he was "relatively pleased" with turnover in the third quarter of the comnpany's current fiscal year ending Sept. 30.
Siemens in the second quarter of its 2007/2008 year had reported a two-percent year-on-year gain in group turnover to 18.1 billion euros ($28.25 billion).
Talking to reporters in Frankfurt, Joe Kaeser said the automation unit A & D was one of the most important value drivers.
There was increased interest in the corporate telecoms network unit SEN and competition about it had also intensified, he said.
He would not be drawn on a timetable but said Siemens aimed to sell the loss-making unit, which has been earmarked for sale for two years, in a well restructured condition.
Finance investor Cerberus [CBS.UL], Siemens rival Alcatel-Lucent (ALUA.PA) and Nortel NT.TO have been touted as possible buyers.
His company was also looking tentatively at disposing of cordless phone unit SHC if a reliable partner could be found but did not feel under pressure to act there, Kaeser said.
Trains unit Mobility, where a restructuring programme is already underway, needed to improve its productivity more as earnings proved to be too volatile, he also said.
Redundancies were not potentially ruled out but this would have to be discussed with labour representatives first, he said.
(Reporting by Frank Siebelt)
