After a string of bribery scandals this year in its China technology operations, Andreas Matthe, executive vice president of Siemens (SI) China, has now disclosed to local media that Siemens will restructure its business in China and mainly focus on energy development, industrial applications and automation technologies.
Matthe says that Siemens' headquarters is currently holding a shareholder meeting and part of the agenda is about the restructuring of businesses. He says Siemens will integrate the current core businesses to form up to three new major businesses of energy, industry and health, but he emphasizes that the restructuring won't affect Siemens' normal operations in China where the adjustment is expected to begin after restructuring in Siemens headquarters is completed.
Matthe estimates that Siemens' business revenue in China is likely to double and reach EUR10 billion by 2010. Affected by the bribery scandal, Siemens reportedly suffered EUR155 million in net loss for the first time since 2001 in the fourth quarter of this fiscal year.