Siemens plans to restructure

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Siemens is planning to implement a new company structure, which will see its divisions split into three sectors — industry, energy and healthcare — beginning in January 2008.

The implementation must be approved by the company’s supervisory board on Nov. 28.

Siemens has also increased the target margin range for its Medical Solutions unit to 14-17 percent from the current 13-15 percent.

“We are convinced that the creation of new structures within the three planned sectors energy, industry and healthcare will make our company less complex, more transparent, more focused and, therefore, faster and more successful,” according to Peter Loescher, CEO of Siemens.

Under the new structure, each of the new sectors will be headed by a member of the management board, according to the Siemens release.

Financial reporting on the basis of the new structure will begin in the third quarter of fiscal year 2008.

The healthcare sector will consist of the Medical Solutions group, while Siemens IT Solutions and Services and its Financial Services will continue to operate as cross-sector businesses, according to the Siemens release.