June 21, 2018 / 9:14 AM / 3 months ago

Siemens to pare number of industrial units in revamp -Manager Magazin

BERLIN, June 21 (Reuters) - Siemens Chief Executive Joe Kaeser will present plans in August to reduce the number of industrial divisions at the engineering group to boost efficiency, Germany’s Manager Magazin reported on Thursday.

The long-awaited strategy dubbed “Vision 2020+” foresees scaling back the number of industrial units to three from five and giving the new divisions higher margin targets, the monthly magazine reported on its website, citing company sources.

Part of the plan is to merge the so-called Digital Factory unit with operations designed to automate process industries, the magazine said.

Munich-based Siemens had no immediate comment. (Reporting by Andreas Cremer Editing by Maria Sheahan)

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