Siemens Infrastructure & Cities sees big potential in China, India, Russia - report

Nov 1, 2011 - The new Infrastructure & Cities division of German engineering group Siemens AG (ETR:SIE), which starts operations today, sees significant growth potential in China, India and Russia, division's head Roland Busch said in an interview with the WAZ media group.

However, Siemens Infrastructure & Cities, which currently has 87,000 employees and capital of EUR 16.5 billion (USD 22.6bn), plans to expand also in Europe and the USA, Busch said.

In Germany, on the other hand, the new company's division sees potential particularly in the Ruhr regions, which is an area of high population density. The head of Siemens Infrastructure & Cities sees growth chances in fields such as traffic management, decentralisation of energy supply and lighting technology.

In addition, Bosch affirmed Siemens' target to reach revenue of EUR 40 billion with its renewable business by 2014, up from EUR 28 billion previously achieved by the company's green portfolio.

The launch of the new division comes in addition to Siemens' existing three divisions -- industry, energy and healthcare, which are industry based. The new Infrastructure & Cities unit has been set up as a customer-based business.

Infrastructure & Cities comprises five business units -- Rail Systems, Mobility and Logistics, Low and Medium Voltage, Smart Grid and Building Technologies.

(EUR 1.0 = USD 1.369)

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