Growth spurt for Siemens planned
 

xpansion in core engineering hoped to expand bottom line under Busch.

Siemens unveiled targets to outpace the market by combining its core engineering business with digital expertise.

The move is part of the companies first strategic blueprint under new Chief Executive Roland Busch who took over as CEO from Joe Kaeser in February. Busch wants to win customers and deliver growth by using Siemens's software and hardware, the company said at its investor day.

The German engineering company aims to expand beyond its traditional industrial customers by boosting its digital offering used to improve the performance of their factories, trains and buildings.

"Digitalisation, automation and sustainability are growth engines for our business. Here, our core business and our digital business reinforce each other in a virtuous circle", Busch said in a statement.

Under the plan, Siemens raised its target for increasing its comparable annual revenue at a rate of five to seven per cent above global market growth and Siemens's own previous target. Both ran at four to five percent.

Digital technology is expected to lead, with a faster growth rate of 10 percent per year from the 5.3 billion euro of revenues Siemens made in the area in 2020.

The company also hiked the profit margin targets for its mobility and smart infrastructure businesses, in the goals that will apply from October 2021, the start of Siemens's 2022 business year.

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