Siemens to raise growth and profitability targets

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The logo of German industrial group Siemens is seen in Zurich, Switzerland, January 30, 2019. REUTERS/Arnd Wiegmann/File Photo

BERLIN, June 17 (Reuters) – German engineering group Siemens (SIEGn.DE) will at least partly raise its growth and profitability targets as it seeks to mitigate pressure from investors, Handelsblatt newspaper reported on Thursday, citing industry sources.

The move will be announced by new Chief Executive Roland Busch on the company’s Capital Market Day, due on June 24, the newspaper added.

In May, Siemens increased its full year profit and sales outlook for the second time this year but warned about tightening supply chains as the post-pandemic recovery accelerates.

A spokesperson for Siemens declined to comment on the report.

Reporting by Riham Alkousaa
Editing by Madeline Chambers

Our Standards: The Thomson Reuters Trust Principles.

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