December 11, 2012 / 1:50 PM / 5 years ago

Siemens says energy unit will bear brunt of cost cuts

The logo of Siemens AG company is pictured atop a factory in Berlin October 9, 2012. REUTERS/Fabrizio Bensch

FRANKFURT (Reuters) - German engineering conglomerate Siemens AG (SIEGn.DE) said more than half of its planned 6 billion euros ($7.8 billion) in savings would come from its energy business over the next two years.

The energy division, which makes products such as gas and wind turbines, will aim for 3.2 billion euros of savings in 2013 and 2014, while raising its operating profit margin to at least 12 percent in 2014 from 7.8 percent in the fiscal year until September 2012. ($1 = 0.7736 euros)

Reporting by Ludwig Burger

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