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.
In the wind and renewable energy business, major offshore orders in the UK (€1.4 billion) and Germany (€0.5 billion) were the main drivers of both revenue and earnings. In June 2016, Siemens and Gamesa Corporación Tecnológica SA (Gamesa) also signed agreements to merge Siemens' wind power business (including services business) with Gamesa; as a result, Siemens will hold 59% of the shares in the combined company; the transaction is subject to the approval of Gamesa shareholders and other customary conditions.