MUNICH, June 21 (Reuters) - German engineering group Siemens plans to trim the number of industrial divisions from five to three as part of a new corporate strategy, a person familiar with the matter said.
The revamp, due to take effect on Oct. 1, will be unveiled in August, two sources said. The company’s supervisory board has already discussed the plans, one of them said.
“This will be an evolution rather than a revolution,” the source said.
Germany’s Manager Magazin reported on the plans earlier on Thursday, saying higher-margin targets would be assigned to the new divisions under the long-awaited overhaul of Siemens’ industrial business dubbed “Vision 2020+”. (Reporting by Alexander Huebner Writing by Andreas Cremer Editing by Maria Sheahan)