Siemens AG outlined a plan to separate its struggling power and gas division and said it would cut 10,000 jobs, a watershed moment in Chief Executive Officer Joe Kaeser's drive to dismantle the company's cumbersome conglomerate structure. The shares surged the most in a year after the German corporate icon said earnings from its main industrial business rose 7 percent to 2.41 billion euros ($2.7 billion), excluding some items. That beat an average analyst estimate of 2.23 billion euros compiled by Bloomberg.
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