Siemens / 3rd quarter 2016New record level of incoming orders
Siemens has announced its figures for the third quarter of 2016. On the positive side, earnings in the industrial business increased by 20% compared to the same quarter of the previous year. The negative: Things are anything but going well in the Process Industries & Drives business unit.
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Siemens' problem child is currently the Process Industries & Drives Division. Joe Kaeser sees an acute need for action here and has announced corresponding capacity adjustments for the 4th quarter as well as various material and structural measures. The massive decline in earnings is, among other things, the result of the continuing weakness in the oil and gas market as well as in other commodity-related markets.