Siemens is a German multinational corporation headquartered in Munich the largest industrial company in Europe with subsidiaries abroad. Therefore the company operates in many sectors including industry energy healthcare and infrastructure. The company is also one of the most famous manufacturers of medical care equipment and the healthcare sector accounts for about 12% of the company’s total sales and is the second most profitable sector after the automation division.
About Siemens Corporation
- The company is a constituent of the Euro Stoxx 50 stock index. Siemens and its subsidiaries employ around 385,000 people worldwide.
- In 2019 Siemens reported worldwide revenue of around €87 billion according to its earnings announcement.
- In 2005 Siemens was involved in a bribery scandal in several countries.
- Scandals include the Siemens bribery scandal involving deals between Siemens and Greek government officials during the 2004 Summer Olympics.
- Siemens’ activities came under legal scrutiny when complaints from prosecutors in Italy Liechtenstein and Switzerland led to an investigation by German authorities followed by a 2006 US investigation into its listing on US stock exchanges.
- Investigators found that bribing officials to win contracts was standard operating procedure. During that time the company paid around $1.3 billion in bribes in several countries and kept separate books to hide it.
- Settlement negotiations took place for most of 2008 and the terms of the settlement were announced in December 2008.
- In all the companies paid about $1.6 billion and the United States and Germany paid $800 million each.
- It was the largest bribery fine in history at the time. The company also had to spend $1 billion to create and fund a new internal compliance system.
- Siemens pleads guilty to accounting violations under the FCPA.
- While its subsidiaries in Bangladesh and Venezuela pleaded guilty to bribery the parent company did not.
From 1847 to 1901
- Ernst Werner von Siemens co-founder of Siemens & Halsky
Siemens 1901 to 1933
- In 1926 during World War I the company announced the design and production of aircraft such as the UDAT 0882.
- A 1920s ad for the British group Siemens.
- Founded in 1897 Siemens & Halsky merged part of its business with Schuckert & Koe in Nuremberg in 1903. So to become part company under the name Siemens & Schuckert and part company under Siemens & Halsk. With 34,324 employees it ranks seventh in number of employees in the German Reich.
- In 1919 Osram Bulb was founded by Siemens Halsk and two other companies to design light bulbs.
- In the 1920s and 1930s Siemens and Halsk began manufacturing radios televisions and electron microscopes.
- In 1932 Reiniger Gebert & Schaal in Erlangen Phoenix AG in Rudolstadt and Siemens in Berlin merged to form Siemens Reneger and Werka AG the third parent company that merged in 1966 to form today’s Siemens AG.
- In the 1920s Siemens built the world’s first hydroelectric power station the Ardnacrosha Hydroelectric Power Station the River Shannon in what was then the Irish Free State.
1933 to 1945
- A Siemens propaganda vehicle was used for the Nazi movement in 1932.
- The company is known for being rejected by the Irish government for its desire to raise wages for its low-wage workers.
- A prisoner in 1944 while in the Auschwitz-Birkenau concentration camp working at the Siemens factory.
- Siemens was then the Siemens-Schuckert company which used forced labor for deportees in extermination camps because the company owned a factory in Auschwitz-Birkenau.
- In the closing years of World War II Allied air raids destroyed many factories in Berlin and other major cities.
- To prevent further losses manufacturing was moved to other places and regions that were not affected by the air battle.
- The goal is to ensure that daily war-related commodities continue to be produced. For the record in late 1944 and early 1945 Siemens owned or moved around 400 replacement stations.
- In 1972 German satirist F. C. Delius was sued by Siemens for writing satire on the company. Despite the same trial that published Siemens’ history in Nazi Germany it was determined that much of the book contained false claims.
- The company provided electronic parts for Nazi concentration camps and death camps. Then working conditions in factories were poor malnutrition and death were common. In addition grants indicated that the camp’s factories were built managed and supplied by the SS in cooperation with company officials and sometimes senior officials.
- However Siemens businessman and Nazi Party member John Rabe saved many Chinese lives during the Nanjing Massacre. After that he visited Germany and gave a speech about the atrocities committed by the Japanese army in Nanking.
The acquisition of Siemens AG
- In August 2013 Nokiacquired a 100% stake in Nokia Siemens Networks through the acquisition of Siemens AG ending Siemens’ position in the telecommunications sector.
- In August 2013 Siemens won a $966.8 million contract for power plant components from Saudi Aramco the Saudi company’s largest ever bid.
- In 2014 Siemens announced plans to spend $264 million to build an offshore wind turbine manufacturing facility in Powell England to rapidly expand wind power in the UK.
- It chose Siemens Hull on the east coast of England due to its proximity to other large offshore projects planned in the next few years. The new plant is expected to start producing rotary turbine blades in 2016.
- The plant and its associated service center in nearby Greenport will employ about 1,000 workers.
Siemens since 2011
- In March 2011 it was decided that Osram would go public in the fall.
- But chief executive Peter Loescher said Siemens intends to maintain a long-term interest in the company which has become independent of technical and management opinions.
- In September 2011 Siemens which is responsible for building all 17 German nuclear power plants announced this. So it will withdraw from the nuclear power industry in the wake of the Fukushima accident and subsequent changes in German energy policy.
- CEO Peter Loescher endorsed the German government’s planned energy transition to renewable technologies calling it the project of the century and said Berlin’s goal of reaching 35 percent renewable energy by 2020 was achievable.
- In November 2012 Siemens bought the rail division of Invensis for £1.7 billion.
- Also in the same month Siemens acquired private equity firm LMS International NV.
- Also in May 2014 Rolls-Royce agreed to sell the gas turbine and power compressor to Siemens for £1 billion.
- In June 2014 Siemens and Mitsubishi Heavy Industries announced a joint venture to bid for the purchase of troubled Alstom locomotives steam turbines and aircraft engines in the energy and transportation business.
- Rival General Electric has come under fire from French government sources for viewing Stomel’s business as a vital national interest at a time when the country’s unemployment rate is over 10 percent and some voters have shifted to the far right.
- In 2015 US oilfield equipment company Dresser Rand was bought by Siemens for $7.6 billion. In November 2016 Siemens acquired EDA Mentor Graphics for $4.5 billion.
- In April 2020 Siemens Energy was established as an independent company within the Energy Division of the Siemens Group of Companies.
- Siemens New Energy shares are expected to be listed on the stock exchange from September 28.
- In August 2020 Siemens Healthineers announced plans to acquire cancer equipment and software from US company Varian Medical Systems in an all-stock deal valued at $16.4 billion.
Siemens products and services
- In November 2017 the US Department of Justice charged three Chinese employees of Guangzhou Bo Yue Information Technology Co. Ltd. with infiltrating corporate entities. Including Siemens.
- Also in December 2017 the medical technology company was acquired by Siemens for an undisclosed amount.
- In August 2018 Siemens acquired agile application development company Mendex for €600 million in cash.
- In May 2018 J2 Innovations was acquired by Siemens for an undisclosed amount.
- In September 2019 Siemens and Orascom Construction signed an agreement with the Iraqi government to rebuild two power plants and the company is believed to be involved in future deals in the country.
- Also in 2019 and 2020 Siemens was identified as the main engineering firm supporting the controversial Adani Carmike coal mine in Queensland Australia.
- Siemens also offers a wide range of products and services related to electrical and electronic engineering. Its products can be roughly divided into the following categories
- Products related to construction engines and automation products related to industrial facilities products related to energy and lighting medical products and products related to transportation and logistics.
- Siemens building-related products include building automation equipment and systems building process equipment and systems and building fire safety equipment and systems. Building safety equipment and systems and low-voltage switchgear (including circuit protection and power distribution products).
- In the renewable energy industry the company offers a range of products and services to help build and operate small grids of any size.
- In addition it provides generation and distribution of electric power as well as monitoring and control of small networks.
- Using primarily renewable energy mini-grids reduce carbon dioxide emissions that government regulations would normally require.
- Then Enel Produzione Spa provides sustainable storage products. and a small network of the Italian island of Ventotene.
- Therefore the lighting products produced by Osram a subsidiary of Siemens include incandescent and halogen lamps. As well as compact and fluorescents HID and xenon lamps light emitting diodes organic LEDs high-power laser diodes LED systems and optical semiconductor light sources such as LEDs. Also electronic equipment. Including electronic ballasts lighting control and management systems and related precision components.
- Then products related to Siemens drives and automation and products related to industrial equipment include electric motors. In addition to transport engines pumps and compressors heavy engines and railway vehicle engines. Oil and gas piping compressors and mechanical components. Including wind turbines and gears for cement plants automation equipment and systems controls for production machinery and tools water treatment plants and raw material processing.
- Siemens’ energy products also include gas and steam turbines generators and compressors. Also onshore and offshore wind turbines and high voltage transmission products for power transformers. and high voltage transformer products and systems DC and AC transmission systems medium voltage components and systems automation and power products.
Research and development Siemens
- In 2011 Siemens invested 3.925 billion euros in research and development equivalent to 5.3% of revenue.
- Thus as of September 30 2011 Siemens had approximately 11,800 R&D employees in Germany and approximately 16,000 in the rest of the world mainly in Austria China Croatia Denmark France India Japan Mexico the Netherlands Russia Slovakia Sweden Switzerland the United Kingdom and the United States.
- Siemens has been granted approximately 53,300 patents worldwide.
- Siemens has also formed a strategic alliance with Darmstadt University of Technology.
Siemens projects common
- Sure enough the Siemens C651 MRT was opened in the Ulu Bandan warehouse in Singapore
Siemens’ current joint ventures include
- Siemens Traction Equipment Co. Ltd. Located in Zhuzhou China it is a joint venture between Siemens and Times Electric and Electric Locomotive Co.
- So Silcar was a joint venture between Siemens and Thess Services until 2013.
- Silcar is an Australian organisation. Then it includes 3,000 employees. In order to provide productivity and reliability to large and technically complex plant assets.
- But services include asset management design construction operations and maintenance. Silcar then operates across a range of core industries and services. Including power generation distribution manufacturing mining and communications.
- In July 2013 Theis assumed full control.
- So Primitels Technologies was founded a joint venture of Siemens Metal Technologies. Also Mitsubishi Hitachi Metalworking Machinery in 2015.
- Omnitrik Group is a Siemens and Accenture company founded in 2014.
- In the 2017 financial year Siemens reported profits of €6.046 billion and annual revenue of €83.049 billion. But an increase of 4.3% over the previous financial cycle.
- Then Siemens stock traded above $58 a share in November 2018. That gave it a market capitalization of $95.3 billion.
- In November 2019 the company posted a higher-than-expected quarterly profit. Therefore the total adjusted EBITDA was €2.64 billion. Then I warned of a slowdown especially in the auto sector next year.
- Siemens owns 881,000,000 ordinary shares outstanding. But the largest single shareholder remains the founding shareholder the Siemens family.
- The share is 6.9% Enterprise Asset Management the two largest divisions of BlackRock’s largest asset management arm in the world owns 62%.
- 83.97% of the shares are publicly traded. Including 3.04% of strategic investors. such as Qatar
- Most importantly the Norwegian Government Pension Fund has 2.5% and Siemens itself 3.04% Private investor owned 19% unknown investors owned 13%.
- So German investors own 13% US investors own 21% followed by UK with 11%. Also France increased by 8% Switzerland increased by 8% and some other companies increased by 26%.
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