Siemens AG, Europe’s largest engineering company, will buy back as much as 4 billion euros ($5.4 billion) of shares as Chief Executive Officer Joe Kaeser bets that an efficiency push will boost profitability next year.
Siemens AG, Europe’s largest engineering company, plans to sell its water-technologies division to AEA Investors as it focuses on higher-margin businesses, according to two people familiar with the matter.
Nokia Siemens Networks, the phone- equipment maker that Nokia Oyj is fully taking over, is considering reducing about 8,500 jobs to boost profitability, according to three people familiar with the matter.
Nokia Siemens Networks, the world’s second-largest maker of wireless phone systems, said it will pay $1.2 billion to buy wireless network assets from Motorola Inc. to expand in North America and Japan.
Nokia Siemens Networks plans to revamp its management in Europe and Latin America, closing down functions and simplifying its structure as the wireless-gear venture of Nokia Oyj and Siemens AG cuts costs.
Nokia Siemens Networks is selling 600 million euros ($779 million) of bonds and published a detailed list of assets and liabilities, as Nokia Oyj and Siemens AG seek to make the venture more independent.
Siemens AG’s six-year telecommunications venture with Nokia Oyj reached the end of the road with a buyout by its Finnish partner, the culmination of a months-long search by the German company for a buyer.
Siemens AG’s new Chief Executive Officer Joe Kaeser is widening job cuts from an initial plan after the failure to catch up in profitability with rivals General Electric Co. and ABB Ltd. cost his predecessor the job.