BOCHUM, Germany, Jan 30 (Reuters) – ThyssenKrupp’s
chief executive emphasised the importance of cost cuts over
disposals in his turnaround plan for a group which is breaking
with its steelmaking roots to focus on more profitable capital
Heinrich Hiesinger dampened hopes on Friday for any swift
disposals of ThyssenKrupp’s steel assets, submarine-building
unit or automotive parts business, although he said his work did
include “active portfolio management”.
MUNICH, Jan 27 (Reuters) – Siemens missed first-quarter
profit forecasts and announced management overhauls at its power
and gas and healthcare divisions, putting pressure on chief
executive Joe Kaeser ahead of a shareholder meeting on Tuesday.
Kaeser, a former Siemens finance chief who ousted Peter
Loescher as CEO in a 2013 boardroom coup, is also expected to
come under fire from shareholders over the decision to spend
$7.6 billion on U.S. oilfield equipment company Dresser-Rand
last year, just before a steep slide in the oil price.
MUNICH, Germany (Reuters) – German industrial group Siemens (SIEGn.DE: Quote, Profile, Research) is set to face a storm of questions on Tuesday over its $7.6 billion (£5 billion) decision to buy U.S. oilfield equipment maker Dresser-Rand (DRC.N: Quote, Profile, Research).
Investors attending its annual shareholder meeting will want to know how the acquisition, agreed in September in a scramble not to be left behind by the U.S. shale boom, will benefit them, given the halving of the oil price since then to around $49.
DUBLIN/FRANKFURT (Reuters) – Business leaders in Europe gave a mixed welcome to the European Central Bank’s moves to bolster growth and inflation in the euro area on Thursday, with many – especially in Germany – concerned the program could delay unpopular economic reforms.
The ECB launched a government bond-buying program despite opposition from Germany’s Bundesbank and concerns in Berlin. Supporters say it will get credit flowing to boost growth.
FRANKFURT/DUESSELDORF, Germany, Jan 22 (Reuters) – Shares in
DMG Mori Seiki AG jumped more than 12 percent after
its smaller Japanese partner launched a takover bid that the
businesses expect to cement the German company’s position as
global market leader in machine-tool manufacturing.
Japan’s DMG Mori Seiki Co Ltd announced its 27.50
euro-per-share offer for all outstanding shares late on
Wednesday, pitched nearly 30 percent above the German stock’s
volume-weighted average price over the past three months and
valuing the company at almost 2.2 billion euros ($2.6
SCHILTACH/BERLIN (Reuters) – German bathroom fittings maker Hansgrohe is a successful firm with a track record of global exports and an attractive profit-sharing scheme. But it’s struggling to hire highly-qualified engineers – and many more “Mittelstand” companies are too.
The raft of firms named after their small-to-medium size kept Germany afloat throughout a global economic downturn and still have healthy order books. But now they must brace for a blow to their business from a demographic time bomb.
ESSEN, Germany, Nov 20 (Reuters) – Germany’s biggest
steelmaker ThyssenKrupp is resuming dividend payments
a year earlier than expected, signalling confidence in its
turnaround with the promise of a modest payout for shareholders
after it beat profit forecasts.
ThyssenKrupp said on Thursday it would pay 0.11 euros
($0.14) a share for the year to end-September. That confounded
analysts who had almost unanimously predicted it would resume
payouts only after it begins generating cash again in this
FRANKFURT, Nov 12 (Reuters) – Stricken German building and
services group Bilfinger flagged problems in a second
of its four divisions on Wednesday and cautioned it would take
time to recover from a year it described as a “low point in the
Loss-making Bilfinger, which issued a fourth profit warning
in five months last week, said its Industry unit was suffering
from reduced investments and cost cuts among its chemicals and
petrochemicals customers, who were in a cyclical downturn.
FRANKFURT, Nov 11 (Reuters) – German industrial group
Bilfinger installed corporate veteran Eckhard Cordes
as chairman on Tuesday, hoping he can get the company back on
track after a string of profit warnings that have hammered its
The German’s appointment is part of a reshuffle driven by
top shareholder Cevian, a Sweden-based European activist
investment firm. He inherits a company in turmoil whose top
management members have all either left or are about to do so.
BERLIN, Nov 6 (Reuters) – German engineering group Siemens
resigned itself to another year of flat sales on
Thursday after reporting that one-off charges hit profits again
in the fourth quarter, this time for wind turbines.
Siemens, one of Germany’s biggest companies and a major
exporter of goods from trains to hospital equipment, said it
first aimed to improve the operating margin for its core
industrial businesses to close a gap with rivals before focusing
on growth again.