FRANKFURT, April 25 (Reuters) – Ferdinand Piech, a towering
figure at Volkswagen for more than two decades,
resigned as its chairman on Saturday after losing a showdown
with Chief Executive Martin Winterkorn.
Piech, the 78-year-old grandson of the inventor of the
Volkswagen Beetle, had previously seen off other executives who
crossed him, including his hand-picked successor as Volkswagen
CEO, Bernd Pischetsrieder.
FRANKFURT, April 23 (Reuters) – Germany’s Bilfinger
signalled a major shake-up under its new chief
executive after the loss-making engineering services company’s
fifth profit warning in less than a year sent its shares
tumbling 15 percent.
Any part of the business in which there are doubts over
future performance will face the prospect of reorganisation and
restructuring or could even be discontinued, interim CEO Herbert
FRANKFURT, April 22 (Reuters) – German building services
firm Bilfinger issued its fifth profit warning in
under a year on Wednesday, saying its U.S. oil and gas business
was faring worse than expected and demand in its power plant
business remained weak.
The company said it would carry out an “extensive
restructuring and a fundamental realignment” of its power
business, which has been hit by Germany’s switch to renewable
energy, after it made a loss in the first quarter.
FRANKFURT, April 21 (Reuters) – Germany’s Osram
plans to transfer its 2 billion-euro ($2.5 billion) general
lamps business into an independent legal structure, it said on
Tuesday, paving the way for a possible spin-off or sale.
The move to separate itself from the mainly traditional
lamps operations, which are in decline as competition increases
from light-emitting diodes (LEDs), lifted Osram shares more than
6 percent to an all-time high of 51.30 euros.
FRANKFURT (Reuters) – McDonald’s Corp is introducing table service in Germany as it reinvents itself as a “modern, progressive burger company” under new Chief Executive Steve Easterbrook.
The world’s biggest fast-food chain has been testing myriad new ideas, including kiosk ordering, custom burgers and even a completely new restaurant brand in a bid to revive slumping sales and better compete with more nimble chains ranging from Chipotle Mexican Grill Inc to Burger King.
FRANKFURT (Reuters) – Sky Deutschland Chief Executive Brian Sullivan is leaving the company and two sources familiar with the matter said he was headed for a senior post at Rupert Murdoch’s 21st Century Fox [NWSNA.UL].
The German pay-TV operator, which is also part of the Murdoch empire, said on Thursday Carsten Schmidt, currently in charge of sports, advertising sales and Internet, would succeed Sullivan when he left for the United States on June 24.
FRANKFURT, March 19 (Reuters) – German forklift truckmaker
Kion gave a conservative forecast for 2015 on Thursday,
saying it expected only slight increases in orders, sales and
profits after a record 2014.
The world’s second-biggest forklift truck maker after Toyota
Industries said it expected a flat operating margin
this year in the face of fierce price competition in western
Europe, its main market, and investments to make its plants more
MANNHEIM, Germany, March 18 (Reuters) – German engineering
and services firm Bilfinger has no plans to split off
businesses that pushed the company into a deep crisis last year,
its interim chief executive said.
Bilfinger issued a string of profit warnings in 2014 as
first utilities and then oil and gas customers slashed spending
as a result of Germany’s switch to renewable energy and the
plunging oil price.
MUNICH, Germany (Reuters) – German industrial group Siemens (SIEGn.DE: Quote, Profile, Research, Stock Buzz) is not discussing a joint venture in trains with French peer Alstom (ALSO.PA: Quote, Profile, Research, Stock Buzz), its chief executive Joe Kaeser said.
Kaeser had told French daily Le Figaro earlier this month that a consolidation between European transport companies was still possible.
FRANKFURT, March 5 (Reuters) – German steel distributor
Kloeckner & Co said it saw core profit rising in 2015
thanks to restructuring and possible acquisitions, even after an
expected tough first-quarter afflicted by steep declines in U.S.
Kloeckner had told Reuters last week profits this quarter
would be “clearly below” those of a year ago but it expected
steel prices in the United States to bottom out and rise again
towards the end of the first half.