November 9, 2017 / 8:54 AM / 2 years ago

Siemens CEO sees no future for old-style conglomerates

Siemens CEO Joe Kaeser arrives for the company's annual news conference in Munich, Germany, November 9, 2017. REUTERS/Michael Dalder

FRANKFURT (Reuters) - Siemens (SIEGn.DE) 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 (35.34 billion pounds) healthcare business, has put its wind-power business into a joint venture and is preparing to do the same with its rail business.

Reporting by Georgina Prodhan; Editing by Maria Sheahan

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