Siemens Sees Boost In Green Product Sales: Report
Date: 25-Mar-09
Country: GERMANY
Author: Marilyn Gerlach
A security man watches the arrival of shareholders of German industrial conglomerate Siemens for the company's annual shareholders meeting in Munich, January 27, 2009.
Photo: Alexandra Beier
FRANKFURT - German industrial company Siemens expects fiscal stimulus programs around the world to support sales of its "green" products, chief executive Peter Loescher told the Financial Times newspaper.
"One thing is crystal clear: even during the crisis we will substantially increase the share of our sales which are attributable to green technologies," Loescher said in an interview published on Tuesday.
He said Siemens would stick to its target of increasing sales in its green product portfolio to 25 billion euros ($34 billion) in 2011 from 19 billion euros last year even in the light of the drastic worldwide slump that started to hit the company's order flow in the last quarter.
"On the one hand, our target is more ambitious in the current economic environment. But on the other, Siemens will get a stimulus from the infrastructure programs being launched," he said.
Siemens said on Tuesday it was acquiring a 28 percent stake in Italian solar company Archimede Solar Energy to expand its expertise in solar thermal power plants.
It did not disclose financial details. (Editing by Dan Lalor