Siemens Plans More Chinese Localization To Reinforce Core Business

Siemens China has published its financial report for 2012, stating that its operating revenue reached EUR6.35 billion during the reporting period, and its order value was EUR6.04 billion.

Cheng Meiwei, president and chief executive officer of Siemens China, said that China is the second largest overseas market for Siemens and it contributed 8% to the company's global operating revenue. From its 2010 to 2013 financial year, Siemens invested over EUR400 million in China, where it has 30,000 employees. In addition, nearly 90% of its raw materials and semi-manufactured goods are purchased from the Chinese local market.

In 2013, Siemens plans to enlarge its distribution and increase its investment in China. The company will improve the localization of business responsibilities, enhance research and development, increase merger and acquisition efforts, and reinforce core businesses in China.

Meanwhile, Siemens will implement its 2014 company planning around the world. The company aims to improve business profit level, accelerate its response to market, and increase flexibility by lowing costs, simplifying processes, and optimizing basic structures.

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