Siemens looks to Canada to power future growth
29 Aug 2012
German engineering conglomerate Siemens AG is bullish on Canada given the stability of its resource-focused economy and a pending free-trade agreement with Europe, chief executive Peter Loescher said in an interview yesterday.
According to Loescher, who was accompanied by Canada head Robert Hardt, growth was expected across the company's $3-billion worth of operations in Canada, divided into health care, industry, infrastructure and cities and energy.
The executives said Siemens Canada, focused on business with the mining and oil sectors, had reported double-digit growth in recent years.
Siemens is looking for ways of maintaining growth and filling its order books even as its primary market, the EU, struggles with a recession and growth slows in other key markets, from China to the US.
According to the Munich-based company its fiscal third quarter ended on 26 July with orders 23 per cent lower than in the year-ago period.
The company had a tradition of seeking growth abroad right from its inception in 1847. It was quick to foray into Russia and the UK and has had a presence in China since 1872, powering everything from telegraph lines to electric street lights and high-speed trains.