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SIEMENS LOOKS AT PROCUREMENT
The company's chief executive, Peter Loscher, said that he still expected the company to hit
its full year profit forecast of €8bn - €8.5bn.
Siemens set up a new supply chain management organisation in November 2008, appointing
former Philips CPO, Barbara Kux, to head up the division that oversees an annual procurement
spend of €42bn.
"The speed at which business is changing worldwide has increased considerably," Loscher
said. "Against this backdrop of a slowing economy, we have to become more efficient."
"Siemens will do better because it started the cost-cutting earlier than others," said Scott
Babka at Morgan Stanley. "But in 2010, everybody in the sector will have a hard time."
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