Siemens to cut costs as Q4 profits dip

BERLIN (AP) ? German industrial conglomerate Siemens is launching a new cost-cutting program aimed at saving ?6 billion ($7.7 billion) by 2014.

The program came as the company reported a 2 percent dip in fourth quarter net profits to ?1.479 billion. That was slightly better than expected.

Siemens also said Thursday that it had met its 2012 targets.

Despite meeting 2012 expectations, CEO Peter Loescher says the company hasn't fully succeeded in improving its competitiveness and that the cost-cutting program, dubbed "Siemens 2014," is aimed at raising profit margins for its four core businesses to 12 percent from 9.5 percent last year.

Revenue for the fourth quarter was up 7 percent to ?21.7 billion, while orders rose 2 percent to ?21.5 billion.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2012-11-08-Germany-Earns-Siemens/id-6c67ed9b49594c6f84e75706862b1ffa

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