MUNICH (Reuters) - Siemens (SIEGn.DE) is not interested in taking part in large industrial automation merger deals at the moment, its chief executive said when asked about consolidation in the context of Emerson Electric’s (EMR.N) attempt to buy Rockwell Automation (ROK.N).
“We are not motivated by large deals at this point in time,” Joe Kaeser said on an analyst call after the German industrial group reported fourth-quarter results.
“We do not really need to do something to catch up with the ones who are leading the pack.”
Siemens is the market leader in industrial software, although Kaeser said it could use some additional expertise in process industries, as used in the oil and gas or food industries, as opposed to discrete manufacturing, in which individual objects are produced.
Reporting by Georgina Prodhan; Editing by Christoph Steitz