Siemens China Sales to Rise 25% Annually through 2010 - ResearchInChina

Date:2007-11-22liaoyan  Text Size:

Siemens AG, Europe's biggest engineering company, plans to raise sales in China by about 25 percent a year until 2010, driven by orders for transport and energy equipment.

Revenue at Siemens China gained 21 percent to 53.3 billion yuan ($7.2 billion) for the fiscal year ended Sept. 30, Richard Hausmann, chief executive officer of Siemens China, said in a briefing in Beijing today. The figures exclude Siemens' communications business, he said.

China is adding power-generation capacity and expanding its rail network to cope with demand in an economy that grew 10.7 percent last year, the fastest among the world's major economies. The Munich-based company is also targeting China because of a government push to clamp down on firms that fail to meet anti- pollution requirements.

"I see opportunities on the energy savings and industry applications side especially in high-energy users such as cement factories, paper factories and steel plants which can be more efficient by using modern equipment,'' Hausmann said.

Siemens aims to double China sales to 100 billion yuan by 2010, Hausmann said, reiterating an earlier forecast in April.

The company plans to invest half of a planned 10 billion yuan in China till 2010 into energy-saving and environmentally- friendly technologies, the executive said.

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