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February 18, 1999

SIEMENS REMAINS FIRM IN PLANS FOR A US LISTING

By CBR Staff Writer

Siemens CEO Heinrich von Pierer yesterday reaffirmed the company’s intention of seeking a public listing in the US in early 2001, the plan being to have completed its 10-point restructuring program by then. Von Pierer confirmed the US listing plan at the annual general meeting in Munich, at which he went to great lengths to emphasize how top management has become much more results-focused. He also reiterated the information published in January that the group’s revenues were up 16% in its first quarter (ended December 31), to DM28.8bn ($17bn), while net profit was up 12% at DM639m ($378m). As part of the restructuring, Siemens’ semiconductor operations are to become a separate company in mid-year, with a flotation planned for the end of this year or early 2000. Other divisions now considered non-core are also earmarked for either sale or flotation. The idea is to amass a sizable war chest for acquisitions, which, should they take place in the States, will be further supported by an eventual Siemens US listing, as that will enable part of the payment to be in stock.

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