Siemens is among the world's largest industrial companies, with operations spanning almost every sort of high-tech electrical engineering endeavour from traffic light systems to nuclear generators, and from medical imaging to motors. Energy generation and management accounts for over 40% of revenues; healthcare technology for another 17%, though that business is likely to be spun out as a separate entity in 2018. Siemens' main rival is US giant GE. However, several subsidiaries struggled with underperformance in recent years and were divested, while others have been bolstered through acquisition and a massive group-wide restructuring. The most significant development was the complete dismantling of what was once the group's biggest division: mobile telecoms. Badly dented by the post-2000 downturn, the handset business was sold in 2005 to Taiwanese manufacturer BenQ (and later closed); networks infrastructure was merged into a joint venture with Nokia. Siemens also sold its stake in European computer manufacturing to partner Fujitsu, and its stake in long-established household appliances joint venture BSH to partner Robert Bosch. The group's radical overhaul was also overshadowed between 2006 and 2008 by the emergence of two corruption scandals which claimed the jobs of several senior executives and resulted in a record fine from regulators. Joe Kaeser is now CEO. Group revenues for the year to Sept 2016 were €79.6bn. The group's heritage dates back to 1847 when engineer Werner von Siemens established a workshop in Berlin to make telegraph equipment. Over the next 30 years the company diversified into generators, electric trains and trams and telephone systems. Subscribers may access account assignments and contact information. The searchable account assignments database is available to full subscribers to Adbrands.net premium services. Click here to access Adbrands account assignments (subscribers only); or see here for information on how to subscribe.
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Capsule checked 14th November 2016
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