November 9, 2017 / 8:41 AM / in a year

Siemens CEO sees no future for old-style conglomerates

FRANKFURT, Nov 9 (Reuters) - Siemens sees no future for old-school conglomerates, its chief executive said on Thursday as the German industrial group prepares for a year of change.

“We have understood that conglomerates of the old-fashioned kind have no future,” Joe Kaeser told a news conference after the company reported a 10 percent drop in fourth-quarter industrial profit.

Siemens is preparing to list its 40 billion-euro ($46 billion) healthcare business, has put its wind-power business into a joint venture and is preparing to do the same with its rail business.

$1 = 0.8626 euros Reporting by Georgina Prodhan; Editing by Maria Sheahan

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