Siemens to focus on core operations amid crisis

Financial Crisis Posted on

Siemens AG intends to focus on its energy, health and industrial services through the global financial downturn, even though it will have to move more jobs to low-cost countries to cut expenses, its chief said Thursday.

Speaking in Berlin, Chief Executive Peter Loescher said the downturn was one "not seen before in our generation," but said the Munich-based company was still poised to get new business in 2009.

"Stronger companies will get stronger and the weaker ones weaker" as a result of the crisis, he said, adding the company would do more research and development inside Germany but move production jobs abroad to benefit from cheaper labor costs.

Siemens currently employs some 430,000 workers worldwide, with 130,000 in Germany. It has this year added more positions in its energy sector, as well as in Brazil and China.

Siemens, which makes everything from wind turbines to trams, won't suffer from the current shortage of credit and would have no refinancing costs in 2010, said Loescher.

As for the ongoing corruption case — earlier this week, Siemens agreed to pay more than $1 billion in fines in Germany and the U.S. — Loescher said that internal policing and investigation, along with an emphasis on integrity had been established.

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