Siemens AG: Industrial Sector To Stabilize This Year
FRANKFURT (AP) — Siemens AG expects demand for products from its industrial division to stabilize this year after the economic downturn hit spending on big-ticket items, the Munich-based company said Friday.
Assuming there is a steady economic recovery, new orders in the sector should reach the level of the company's 2009 fiscal year, which ended in September, Siemens said. Revenue for the company's biggest division is expected to fall slightly, it said. In 2009, Siemens' industry sector had orders of euro33.3 billion ($45 billion) and revenue of nearly euro34 billion.
The industrial sector includes building technologies, transport systems, and the Osram lighting unit.
In a separate announcement, Siemens said its energy division received an order for 60 wind turbines from Pattern Energy Group LP, of San Francisco, though it didn't provide financial details.
Siemens said Pattern Energy would use the turbines for the St. Joseph wind farm in Manitoba, Canada.
Siemens shares were down a third of a percent at euro73.50 in Frankfurt afternoon trading.