Siemens sticks to green technology revenue target of EUR 40bn - report

Dec 16, 2011 – German engineering group Siemens AG (ETR:SIE) sticks to its target to boost its revenue from green technology to EUR 40 billion (USD 52.3bn) by 2014, executive Barbara Kux told business daily Handelsblatt in an interview published today.

Most recently, the group's green technology portfolio was EUR 29.9 billion.

The revenue objective is getting more challenging since Siemens wants to sell its lighting subsidiary Osram. Merck Finck's analyst Theo Kitz told the paper he is more sceptic about the target after the latest climate conference in Durban. Countries are less pressed to invest in environmental technologies, which should affect the green businesses of Siemens, Swiss-Swedish ABB (VTX:ABBN; STO:ABB) or French Schneider Electric (EPA:SU), he said.

However, according to Kux, companies and communities would rather invest in reducing their energy costs at times of economic difficulties. Siemens' green technology portfolio is expected to grow faster than the whole group in current fiscal 2011/12, ending in September. Furthermore, the company is financially prepared to carry out acquisitions if a good opportunity shows up, Kux said.

Siemens' environmental technology portfolio includes wind turbines, energy efficient gas turbines as well as computer tomographs using less power.

(EUR 1.0 = USD 1.304)

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