Siemens Sees Infrastructure Business Reaching Margin Target
German engineer Siemens expects its Infrastructure & Cities (I&C) business, which has been hit by project delays and restructuring, to reach its profitability target this financial year, it said on Wednesday.
There has been speculation, brushed off by Siemens’ new chief executive Joe Kaeser, that the group might dismantle the I&C business after its performance fell well short of expectations. In the financial year ended Sept. 30, the business posted a margin on earnings before interest, tax, depreciation and amortisation (EBITDA) of 3.7 percent, well below a target range of 8-12 percent. That made it the least profitable of Siemens’ four main businesses, behind Industry, Energy and Healthcare.
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