Siemens hopes for €15B in stimulus orders

Source: Agencies | June 22, 2009, Monday |

Online Edition

GERMAN industrial conglomerate Siemens AG said today that it expects to garner some €15 billion ($20.9 billion) worldwide in new orders because of more government-backed orders aimed at reducing energy consumption.

Siemens said that the efforts by governments, including the U.S., to parcel out stimulus money to jolt economies back to life - much of it earmarked for infrastructure projects emphasizing "green" technology - would lift its order books from 2010 to 2012.

"Against the backdrop of the worst global economic crisis in decades, these government measures are at least partially cushioning, in some cases, sharp declines in private-sector demand," Siemens Chief Executive Peter Loescher said in a statement. "They should also have a stabilizing effect on our business."

Siemens, the Munich-based maker of everything from wind turbines to trams, said that of €15 billion ($21 billion) it hopes to glean, approximately €6 billion will likely come from environmental technologies.

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Siemens hopes for €15B in stimulus orders

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