Siemens Jumps on Possible Spin-off of SIS Info Tech Business (SI)
Wednesday, March 17, 2010 - 10:41
Written on Wed, 03/17/2010 - 10:41am
By Chip Brian

3/17/2010-Shares of Siemens AG (NYSE:SI) are trading 2.5% higher to $98.62 Wednesday following media reports that the company plans to cut at least 1,000 jobs in its SIS information technology business to prepare the unit for a possible sale or initial public offering.
Siemens is expected to announce its new plan for SIS to its planning committee on Thursday.
The company is planning to spin off SIS into an independent unit as of July 1, 2010.
Reportedly the job cuts cost the company several hundred million euros.
In addition, Siemens said Tuesday that it has appointed Jens-Peter Saul as the new chief executive of its wind power business unit.
Saul succeeds Andreas Nauen, who is leaving Siemens "at his own wish," the company said.

Keywords: Siemens sis Technology spin-off cuts unit

Ticker(s): SI

Contact Chip Brian



Smartrend analyzes over 5,000 securities simultaneously throughout the trading day and provides its subscribers with trend change alerts in real time. To get a free trial of our trading calls and maximize your trading results, please visit http://www.mysmartrend.com.

Get exclusive, actionable insight into how the market is expected to trend prior to market open with our free morning newsletter. Sign up at http://www.mysmartrend.com/morning-call-newsletter-signup.