Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Xetra  >  Siemens AG    SIE   DE0007236101

SIEMENS AG

(SIE)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsPress ReleasesOfficial PublicationsSector newsMarketScreener StrategiesAnalyst Recommendations

Vestas To Make More Products for other Wind Companies -Operating Chief

share with twitter share with LinkedIn share with facebook
share via e-mail
01/17/2013 | 11:35am EDT
   By Katarina Gustafsson 
 

Struggling wind turbine maker Vestas Wind Systems A/S (VWS.KO) is looking to fill more idle factory space by making products for other wind power companies, its Chief Operating Officer Jean-Marc Lechene said Thursday.

The Danish company earlier this week secured a deal, with an undisclosed party and for an undisclosed figure, enabling it to ramp up production at its Pueblo, Colorado, plant. Vestas said it will hire 100 people at the facility as it begins manufacturing the first part of a supply agreement for wind power towers.

And it is now hoping to sign similar deals elsewhere.

"We are discussing [potential contracts] not only in North America, but also in China and in Europe as well," Mr. Lechene said during a telephone interview with Dow Jones Newswires.

The executive said the discussions not only focus on building towers for other companies in the sector, but could also relate to other components used in the wind power industry, adding the company has already received some smaller orders for other components in Europe.

Vestas has plants in North America, Europe, China and India and Mr. Lechene said it started looking at this production strategy some three to four months ago in an attempt to better utilize its staff and equipment.

"We thought that we could perhaps supply parts to other players in the wind industry so we initiated some discussion, some talks and some contacts," said Mr. Lechene.

Vestas isn't seeking to add a specific level of volumes or additional employment through these deals. "This is more cherry on the cake," he said.

Vestas earlier this month received final approval for a revised credit package with its lenders in a rare bright spot for the company. The package came after a turbulent couple of years during which it has reported steep losses, implemented management shakeups and cut jobs.

Once the recipient of subsidy-fueled growth, Vestas and its competitors, like Germany's Siemens AG (>> Siemens AG), have struggled with excess capacity and low-cost rivals from Asia.

In positive news for wind power companies, the U.S. Congress at the start of the year renewed subsidies for wind power companies, the so-called production tax credit, or PTC. Mr. Lechene said it is difficult to judge whether the extension of the tax credit deal helped it secure the Colorado deal.

"It is difficult to say, we initiated discussions before the PTC was renewed. The deal was signed after it was approved but I think it's somehow independent."

Write to Katarina Gustafsson at katarina.gustafsson@dowjones.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stocks mentioned in the article : Siemens AG
Stocks mentioned in the article
ChangeLast1st jan.
ONE STOP SYSTEMS, INC. -3.31% 1.46 Delayed Quote.-27.72%
PTC INC. 0.44% 59.27 Delayed Quote.-20.86%
SIEMENS AG 3.17% 75.26 Delayed Quote.-35.42%
VESTAS WIND SYSTEMS A/S -1.31% 72.42 Delayed Quote.-20.37%
VESTAS WIND SYSTEMS A/S -0.80% 544.6 Delayed Quote.-18.45%
share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news on SIEMENS AG
04:27aGerman engineering industry faces more supply chain problems - VDMA
RE
04:15aSIEMENS AKTIENGESELLSCHAFT : Release of a capital market information
EQ
03/27SIEMENS : connects healthcare providers and medical designers to produce compone..
AQ
03/26SIEMENS AKTIENGESELLSCHAFT : Notification and public disclosure of transactions ..
EQ
03/24Germany eyes post-virus stimulus package
RE
03/23SIEMENS AKTIENGESELLSCHAFT : Release of a capital market information
EQ
03/20Germany will block foreign takeovers to avoid economy sell-out
RE
03/20GLOBAL MARKETS LIVE: Aldi purchases Leader Price, Apple limits iPhone purchas..
03/20Siemens says Chinese operations almost back to normal after virus outbreak
RE
03/20SIEMENS : Conference Call – March 2020
PU
More news
Financials (EUR)
Sales 2020 86 905 M
EBIT 2020 6 530 M
Net income 2020 4 826 M
Debt 2020 27 409 M
Yield 2020 5,18%
P/E ratio 2020 12,7x
P/E ratio 2021 10,7x
EV / Sales2020 1,01x
EV / Sales2021 0,95x
Capitalization 60 190 M
Chart SIEMENS AG
Duration : Period :
Siemens AG Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends SIEMENS AG
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 24
Average target price 109,31  €
Last Close Price 75,26  €
Spread / Highest target 99,3%
Spread / Average Target 45,2%
Spread / Lowest Target -6,99%
EPS Revisions
Managers
NameTitle
Josef Kaeser President & Chief Executive Officer
Jim Hagemann Snabe Chairman-Supervisory Board
Roland Emil Busch Deputy CEO, COO, CTO & Labour Director
Ralf Peter Thomas Chief Financial Officer
Hanna Hennig Chief Information Officer
Sector and Competitors
1st jan.Capitalization (M$)
SIEMENS AG-35.42%64 789
HONEYWELL INTERNATIONAL INC.-25.84%92 846
3M COMPANY-24.48%76 648
GENERAL ELECTRIC COMPANY-31.72%66 609
ILLINOIS TOOL WORKS INC.-20.22%45 500
HITACHI, LTD.6.70%29 086