Siemens AG (SIEGY) - OTCPK - Current
  • Jul. 29, 2015, 2:19 PM
    • Bombardier (OTCQX:BDRBF +7.6%) says it is sticking with a tentative plan for an IPO of its rail business in Q4, and refutes an earlier report of merger talks with Siemens (OTCPK:SIEGY +0.2%) over the unit.
    • An IPO or sale of the rail unit would help Bombardier pare debt that ballooned to more than US$9B during development of the CSeries jet, which has been delayed by more than two years and is ~US$2B over budget.
    | Jul. 29, 2015, 2:19 PM
  • Jul. 29, 2015, 6:15 AM
    • Bombardier ([[BDRAF, OTCQX:BDRBF) may combine its train business with Siemens' (OTCPK:SIEGY) rail unit, sources told WSJ, stating that the Canada-based company is simultaneously preparing to float a minority stake of its transportation unit.
    • The news comes some months after Siemens downplayed the idea that it could combine its rail assets, which include trains, trams and signaling technology, with those of France's Alstom (OTCPK:ALSMY).
    | Jul. 29, 2015, 6:15 AM | 2 Comments
  • Jul. 21, 2015, 8:32 AM
    • Mexican state oil company Pemex has reached a $295M settlement with a group including Siemens (OTCPK:SIEGY) in a 14-year dispute over a refinery project, Reuters reports.
    • The dispute involved a Mexican joint venture between Siemens and South Korea's SK Engineering which was created to bid for the reconfiguration of the Cadereyta refinery in the Nuevo Leon state; Pemex was at odds with the venture over allegations of graft and cost overruns relating to the project.
    • Siemens reportedly had sued for $690M.
    | Jul. 21, 2015, 8:32 AM
  • Jul. 6, 2015, 9:58 AM
    • Siemens (OTCPK:SIEGY -2.8%) needs to secure more service contracts in the fourth quarter to reach the full-year profitability goal for its industrial business, a source told Bloomberg.
    • Currency effects and weak global growth have made it harder to reach the lower end of the unit's 10%-11% profitability target range.
    | Jul. 6, 2015, 9:58 AM
  • Jun. 29, 2015, 6:57 AM
    • Siemens (OTCPK:SIEGY) has secured unconditional EU regulatory approval for its proposed $7.6B bid for Dresser-Rand (NYSE:DRC).
    • "After a detailed assessment of the markets involved, the Commission is satisfied that European consumers will not be negatively affected by the merger," European Competition Commissioner Margrethe Vestager said in a statement.
    • Siemens is looking to the deal to expand its presence in the United States and the shale exploration boom.
    | Jun. 29, 2015, 6:57 AM
  • Jun. 5, 2015, 6:58 AM
    • ScottishPower Renewables has selected Siemens (OTCPK:SIEGY) to deliver turbines to the East Anglia One wind farm in a deal that is likely to be worth almost half the £2B cost of the project.
    • The utility chose Siemens as its preferred supplier to deliver as many as 102 of its 7 MW systems to the wind farm off Britain's east coast.
    | Jun. 5, 2015, 6:58 AM
  • Jun. 3, 2015, 11:28 AM
    • Siemens (OTCPK:SIEGY +2.8%) says it has signed an €8B ($9B) deal with Egypt to supply gas and wind power plants designed to boost the country's power generation by 50%.
    • Siemens says it is its single biggest order ever, and provides a much-needed boost to its struggling gas and power division.
    • Siemens will deliver three ready-to-use gas-steam power plants with a capacity of 4.8 GW each, as well as up to 12 wind parks and ~600 wind turbines with a total capacity of 2 GW at the Suez channel and in the Western Nile region.
    | Jun. 3, 2015, 11:28 AM
  • May 21, 2015, 10:25 AM
    • Siemens (OTCPK:SIEGY +0.1%) has been awarded a long-term service agreement for the Brooklyn Navy Yard Cogeneration Power Plant in NYC.
    • The deal will see Siemens providing parts and services for two SGT6-2000E gas turbines over a 12-year term, and features Siemens' GT performance enhancement solutions.
    | May 21, 2015, 10:25 AM
  • May 19, 2015, 11:57 AM
    • Siemens' (OTCPK:SIEGY +0.2%) decision to sell $7.75B in bonds to pay for its acquisition of Dresser-Rand means it still has cash to bid for assets that Halliburton (HAL -2.6%) is preparing to sell, Bloomberg reports.
    • Siemens took advantage of investor demand for dollar-denominated assets in yesterday’s debt sale, with a $1.75B tranche of 30-year bonds sold at a yield of 1.4 percentage points more than comparable treasuries; the sale helps the company retain ammunition for further deals.
    • Siemens is said to be one of more than half a dozen companies eyeing the $5B-$10B in businesses that HAL is preparing to sell as it seeks regulatory approval for its acquisition of Baker Hughes.
    | May 19, 2015, 11:57 AM
  • May 8, 2015, 6:28 PM
    • GE is awarded a $2B five-year contract to supply helicopter engines to Taiwan's government and support a number of U.S. military services, the Defense Department reports.
    • The contract covers work on GE's T700 701D and T700 401C engines used to power Black Hawk helicopters built by Sikorsky Aircraft (NYSE:UTX).
    • The DoD also says Honeywell (NYSE:HON), Siemens (OTCPK:SIEGY) and others have been awarded a $1.5B U.S. Army contract for the design, construction and operation of energy savings projects.
    | May 8, 2015, 6:28 PM | 10 Comments
  • May 8, 2015, 2:29 PM
    • Siemens (OTCPK:SIEGY +1.2%) is set to secure unconditional EU approval for its $7.6B bid for Dresser-Rand (DRC +1.6%), according to a Reuters report.
    • The European Commission warned in February that the deal might reduce competition and drive up prices, but apparently it has not sent a statement of objections to Siemens, which reportedly would mean "unconditional clearance."
    • Siemens' acquisition of the supplier of equipment such as compressors and gas turbines used to exploit shale resources would pose strong competition in the U.S. market for the likes of GE.
    | May 8, 2015, 2:29 PM | 5 Comments
  • May 7, 2015, 7:59 AM
    • Siemens (OTCPK:SIEGY) says it is cutting an additional 4,500 jobs worldwide, targeting its power and gas division and a group of underperforming businesses it hopes to turn around.
    • The new cuts come on top of 7,800 cuts announced earlier this year as part of a company-wide streamlining plan, a number that was brought down to 7,400 following labor negotiations.
    • Siemens says its power and gas division was struggling with “among other things, regulatory changes, massive price erosion, aggressive competitors and regional overcapacities."
    • The announcement came as it reported improvement in its fiscal Q2 company-wide performance: Net profit rose to €3.89B ($4.41B) from €1.12B in the year-ago period last year, beating analyst expectations for a net profit of €2.01B, on an 8% Y/Y rise in revenues to €18B ($20B), helped by the euro's weakness against major currencies.
    • New orders rose 7% Y/Y, adjusted for currency swings and acquisitions and disposals, but profitability at the core industrial businesses fell 5%, due mainly to a 34% drop in profits at the gas and power division to €392M.
    | May 7, 2015, 7:59 AM
  • May 3, 2015, 5:54 AM
    • Chinese regulator SAIC accused Siemens' (OTCPK:SIEGY) healthcare unit last year of committing "commercial bribery," sources told Reuters.
    • The company allegedly donated medical devices in return for agreements to exclusively buy from it the expensive reagants needed to run them,
    • The investigation (which involved as many as 1,000 hospitals) also follows a wide-reaching probe into the Chinese pharmaceutical industry that last year saw GlaxoSmithKline fined nearly $500M for bribing officials to push its medicine sales.
    | May 3, 2015, 5:54 AM | 2 Comments
  • May 1, 2015, 9:58 AM
    • Siemens (OTCPK:SIEGY +0.8%) plans to keep most of its 13 underperforming businesses for now but will attempt to sell some of the more "marginal" operations, Reuters reports.
    • Siemens will try to sell three to five small divisions, such as industrial waste water treatment, which require expertise that does not fit with the company's electrical competence, or operations that will cost too much to fix, according to the report.
    • A decision reportedly could be taken at Siemens' supervisory board meeting next Wednesday before it presents Q2 results on Thursday.
    | May 1, 2015, 9:58 AM
  • Apr. 23, 2015, 5:49 PM
    • At least a half-dozen major industrial companies - including GE, Caterpillar (NYSE:CAT) Siemens (OTCPK:SIEGY), Honeywell (NYSE:HON), Dover (NYSE:DOV), Danaher (NYSE:DHR) and Emerson Electric (NYSE:EMR) - are said to be weighing offers for oilfield services assets worth $5B-$10B that Halliburton (NYSE:HAL) is preparing to sell ahead of its pending merger with Baker Hughes (NYSE:BHI), Bloomberg reports.
    • HAL reportedly will send offering materials to those companies, as well as P-E firms and rival oilfield services providers, in the coming weeks; first up likely will be the drill bits unit and another that uses data to track and steer the direction of drills.
    • These companies could own an edge over oilfield services companies that analysts have pegged as logical bidders for HAL’s castoffs - such as National Oilwell Varco (NYSE:NOV) and Superior Energy Services (NYSE:SPN) - because HAL might not want to give any more market share to companies that already offer the same services, preferring to sell to new players entering the market.
    | Apr. 23, 2015, 5:49 PM | 1 Comment
  • Apr. 15, 2015, 7:34 AM
    • Molycorp (NYSE:MCP) is soaring 49.2% premarket after it was chosen by Siemens (OTCPK:SIEGY) to supply rare earth materials over the next 10 years for incorporation into the latter's high-efficiency wind turbine generators.
    • MCP will supply the rare earth materials to Shin-Etsu Chemical (OTCPK:SHECY), which will produce the rare earth magnets Siemens intends to utilize in its turbines.
    | Apr. 15, 2015, 7:34 AM | 18 Comments
Company Description
Siemens AG is engaged in electronics and electrical engineering. The Company operates in sectors such as Industry, Energy and Healthcare.
Sector: Technology
Industry: Telecom Services - Foreign
Country: Germany