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Siemens Stuck in a Rut

July 25, 2007 in Wireless Industry News

No matter how bad your day was yesterday, executives at Siemens AG probably had it worse.

Siemens AG

Not a good day for Siemens AG.

The German company released a whole slew of bad news: more evidence of corruption, bribery, and general unscrupulous activities were uncovered, an early big-time loss for the joint venture with Nokia (almost 371 million euros), weaker than expected earnings, and finally the purchase of a US “clinical-diagnostics” company that Siemens just might’ve paid a little too much for.

Chief Executive Peter Loescher joined the conglomerate only a little less than a month ago, after a stint at American drug company Merck.

Shares of Siemens AG fell 6% on the news.

Source: “Siemens Begins Major Overhaul
As Deal, Results Worry Investors” – Wall Street Journal

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