German engineering group Siemens plans to dismantle its Infrastructure & Cities (I&C) division and is reviewing other businesses as part of a sweeping corporate reshuffle under new Chief Executive Joe Kaeser, a German magazine reported.<\/p>\n
I&C was only set up by Kaeser’s predecessor Peter Loescher in 2011. It bundles businesses making products ranging from security systems to power distribution systems and high-speed trains and generates an annual revenue of about 17.6 billion euros ($23.7 billion).<\/p>\n
Manager Magazin cited sources as saying Siemens would shift I&C’s businesses to other parts of the company.<\/p>\n
It is reviewing the structure of its other three main divisions – Industry, Energy and Healthcare – and may opt for a split into a total of five to eight separate units, the magazine said in an excerpt of an article to be published on Friday.<\/p>\n
Kaeser will announce concrete plans for a reorganization in the European spring of 2014, and any new structure would be implemented a year from now, it said.<\/p>\n
Siemens declined to comment on the report.<\/p>\n
The report seemed to contradict recent statements by Kaeser,<\/p>\n
who said earlier this month that there were no plans for further restructuring measures after the company’s current 6 billion euro savings program ends next year.<\/p>\n
Kaeser, who took office on August 1, has vowed to put Siemens back on an “even keel” and end years of continual restructuring.<\/p>\n
Siemens nets $3 billion credit facility<\/a><\/strong><\/p>\n