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.
FRANKFURT, Nov 5 (Reuters) – German industrial services and
building group Bilfinger SE has issued its fourth
profit warning since the end of June, sending its shares
tumbling almost 10 percent.
Bilfinger said on Wednesday a 148 million euro ($185
million) writedown on its energy business, on which it had bet
heavily before the industry entered a steep downturn in Europe,
would lead to a 2014 net loss, made worse by other impairments
FRANKFURT (Reuters) – German engineering group Siemens will take a first major step on Wednesday to separate its 14 billion-euro ($18 billion) healthcare unit from the rest of the company, two sources with knowledge of the matter said on Tuesday.
Siemens fears large investments will be needed in the high-margin business as new diagnostic methods and new rivals such as Samsung heighten competition with traditional rivals like General Electric and Philips.
FRANKFURT (Reuters) – Germany’s BASF SE (BASFn.DE: Quote, Profile, Research, Stock Buzz), the world’s largest chemicals company by sales, cut its earnings forecasts and its projections for the broader market on Friday, becoming the latest industrial group to fall victim to weak demand in its main European market.
“We have seen a very slow Q3 in terms of demand for Europe … And we don’t feel really a positive momentum going into Q4 and going into 2015,” Chief Executive Kurt Bock told Reuters Insider.
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FRANKFURT, Oct 8 (Reuters) – German drugs packaging firm
Gerresheimer trimmed its outlook on Wednesday, saying
a regulatory crackdown on its pharmaceutical customers was
hurting its U.S. business.
It said some of its customers had halted manufacturing in
the United States over the summer to revamp their plants to
comply with warnings from the Food and Drug Administration
FRANKFURT (Reuters) – Activist investor Cevian named Eckhard Cordes, a former executive at carmaker Daimler and retailer Metro, as its second representative on the supervisory board of German construction group Bilfinger (GBFG.DE: Quote, Profile, Research, Stock Buzz), in which it is the top shareholder.
The chairman of the German company, Herbert Walter, will step down after 16 years on the board to make room for Cordes, Bilfinger said, following the resignation of Roland Koch as chief executive in August amid a series of profit warnings.
FRANKFURT, Sept 29 (Reuters) – Egyptian tycoon Naguib
Sawiris would invest in Telecom Italia as long as the
company kept its stake in Brazilian mobile operator TIM
Participacoes, he said on Monday, as foreign bid
interest picks up in the struggling operator.
“We have not lost interest,” said Sawiris, who had a 3
billion euro ($3.8 billion) offer to buy a stake in Telecom
Italia rejected in 2012.
FRANKFURT (Reuters) – Germany’s Siemens AG has agreed to buy U.S. oilfield equipment maker Dresser-Rand Group Inc for $7.6 billion (4.6 billion pounds) in cash, paying a relatively rich price to belatedly beef up its presence in the U.S. shale oil and gas industry.
The acquisition, which ranks among the biggest in the history of the industrial group, will strengthen Siemens’ position in the United States, its weakest region, and bring it nearer catching up with rival General Electric Co.