Siemens is among the world's largest industrial groups, with operations that have traditionally spanned almost every sort of high-tech electrical engineering endeavour from traffic light systems to nuclear generators, and from medical imaging to motors. Currently, energy generation (including renewable energy) and energy management systems account for over 40% of combined revenues; healthcare technology ("Siemens Healthineers") for another 16%. However, like its main rival, US giant GE, Siemens' energy business has been struggling with poor performance in recent years. As a result, Siemens has spun off both Siemens Energy and Siemens Healthineers as separate but part-owned companies. The remaining group is focused on infrastructure management, transportation and industrial automation systems. This is the latest of a series of reshuffles in the group's portfolio over the past two decades. The most significant development was the complete dismantling of what was once its 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); mobile networks infrastructure was merged into what was originally a joint venture with Nokia, now wholly owned by the Finnish company. Siemens also sold its lighting division Osram, its stake in European computer manufacturing to partner Fujitsu, and its 50% stake in long-established household appliances joint venture BSH to partner Robert Bosch. It spent more than a year attempting to demerge its railway infrastructure division into French rival Alstom in return for a 50% share of that combined entity. That deal faced consistent opposition from EU regulators, and was finally blocked in 2019 on grounds it would lead to higher prices and less choice for European passengers. 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. Roland Busch is set to succeed Joe Kaeser as CEO of Siemens AG in 2021. For the year to Sep 2019, group revenues were €86.8bn, with net income of €5.6bn. Following the spin-off of energy and healthcare, revenues will reduce by around half. 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.
Capsule checked 30th October 2020
Adbrands Account Assignments is a database tracking account management for the world's leading brands and companies. In other words, which advertising agency handles which accounts in which countries. Fully searchable by brand, brandowner company or advertising agency, the database now contains more than 35,000 worldwide account assignments for over 9,500 leading brands.
Subscribers only: Account assignments & selected contact information
Which agencies handle advertising for Siemens? Find out more from Adbrands Account Assignments
Who are the competitors of Siemens? See Industrial & Services Sector index for other companies
All rights reserved © Mind Advertising Ltd 1998-2021