Siemens warns of weakening industrial demand

Germany’s Siemens warned that demand for products such as industrial automation and drive technologies was weakening as it posted a decline in new orders for its fiscal first quarter.

“For the rest of the year, we don’t expect any tailwinds from the global economy to help us reach our ambitious goals,” Chief Executive Peter Loescher said.

Siemens, an industrial bellwether that makes products ranging from fast trains and gas turbines to hearing aids, posted a 3 per cent decline in new orders in the three months through December, to 19.1 billion euros (US$25.4 billion).

via Business feed http://www.scmp.com/business/companies/article/1134398/siemens-warns-weakening-industrial-demand