Siemens expects to reap stimulus cash

Source: Agencies | June 23, 2009, Tuesday |

Print Edition

German industrial conglomerate Siemens said it expects to win new orders of around 15 billion euros (US$20.9 billion) from economic stimulus programs worldwide in the next three business years.

Of that figure, 6 billion euros would come from green technology contracts, "significantly" increasing revenues from the company's environmental portfolio in the future.

"With their programs, governments worldwide are sending the right signal," said Chief Executive Peter Loescher yesterday.

"These government measures are at least partially cushioning, in some cases, sharp declines in private-sector demand. They should also have a stabilizing effect on our business," Loescher said.

Siemens said it based this forecast on an initial analysis of the largest stimulus programs.

Siemens said of the 2 trillion euros worth of economic stimulus plans around the globe, around 700 billion euros are for infrastructure investment.

The total volume of planned infrastructure expenditure relevant for Siemens comes to around 150 billion euros in the next three fiscal years.

"Given the company's current average market share worldwide, these expenditures can be expected to generate new orders for Siemens of roughly 15 billion euros, of which some 6 billion will likely come from environmental technologies," Loescher said.

Manufacturing

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Siemens expects to reap stimulus cash

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