Business

Siemens chairman favours organic growth over big buys- FAZ

2 minute read

Jim Hagemann Snabe, chairman of the supervisory board of industrial conglomerate Siemens, delivers his speech during the virtual annual shareholders meeting in Munich, Germany, February 3, 2021. Matthias Schrader/Pool via REUTERS

ZURICH, May 11 (Reuters) - Siemens (SIEGn.DE) Chairman Jim Hagemann Snabe favours organic growth over big acquisitions, he tells Germany's Frankfurter Allgemeine newspaper in an interview to be published on Wednesday.

"Of course, you always look around for opportunities to buy. But I'm a fan of organic growth, which is where most of the momentum is," Hagemann Snabe told the newspaper.

"The world is gradually coming out of the crisis, and that opens up enormous market potential under our own steam. If too much is bought in, we will no longer be Siemens."

The German engineering group would look at acquisitions to round out its presence in some sectors and also accelerate growth, said the Danish executive who has been chairman since 2018.

Hagemann Snabe said he also sees big opportunities for Siemens in helping customers reduce their environmental impact.

"Companies, but also key regions such as China, the EU and now the USA are pushing ahead with their plans for climate neutrality," Hagemann Snabe said.

"This new focus opens up opportunities for growth. It can be a huge business to deliver products that help customers become more sustainable."

Reporting by John Revill, editing by Emma Thomasson

Our Standards: The Thomson Reuters Trust Principles.

More from Reuters