Siemens has unveiled a new strategy called Vision 2020+ that will streamline the company’s structure into three business units that will have more “entrepreneurial freedom”.
The three operating companies within Siemens will be gas and power headquartered in Houston in the US, smart infrastructure based in Switzerland and digital industries with headquarters in Germany.
Siemens will also looks to grow in areas such as IoT integration services, distributed energy management, infrastructure for electric mobility and digitalisation.
Siemens supervisory board chairman Jim Hagemann Snabe said: “The supervisory board supports the company’s further strategic development and is convinced that Vision 2020+ is an outstanding plan for accelerating the transformation and strengthening Siemens for the next decade from a position of strength.”
Siemens president and chief executive Joe Kaeser said: “It would be irresponsible to rest on our laurels now. The speed and power of global changes are increasing, and it’s our obligation to anticipate them. We’re convinced that this is the right time to sustainably shape our future.”
The new plans build on the Vision 2020 strategy program, which was launched in 2014, and has been largely completed, Siemens said.
Meanwhile, the company reported revenue from its current energy management business of over €8.83bn in the first three quarters of the financial year, roughly the same as last year.
Profit was up slightly to €680m from €620m, but orders were down to just over €8.37bn from more than €9.57bn last year.
Image: Siemens
Siemens unveils streamlined vision
By EBS