Siemens AG has revealed that its Energy division will generate EUR 3.2 billion in savings in 2013 and 2014, which is more than a half of the company’s overall planned savings of EUR 6 billion.
During an analyst event held at its gas turbine factory in Charlotte, North Carolina, Siemens told analysts that it sees earnings at the Energy business improving, after delays in the grid connection of German offshore wind farms and trade sanctions on Iran last year, Reuters reports.
Last month the company announced savings in order to gain competitiveness, as its “rivals” are more profitable.
However, Siemens said that revenues at the business will return to growth in fiscal 2014 after the number of new orders fell this year.
[mappress]
Offshore WIND Staff, December 12, 2012; Image: Siemens