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Article: Siemens VDO turnaround plan is working.(Suppliers)(Siemens VDO Automotive AG)(Company Profile)
- Article from:
- Automotive News Europe
- Article date:
- April 21, 2003
- Author:
CopyrightCOPYRIGHT 2003 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Edmund Chew
Siemens VDO Automotive is "on track" to rebound from a [euro]261 million loss two years ago to achieve a 5 percent operating margin this year, says CEO Wolfgang Dehen.
The turnaround plan adopted after Siemens Automotive absorbed Mannesman VDO in 2001 is maturing in the current fiscal year ending September 30, Dehen said. In the plan's first year ending last September, Siemens VDO's operating profit was a modest [euro]65 million.
But Siemens VDO wants "to get to around 5 percent EBIT [earnings before interest and taxes] by the end of the year," Dehen said. "Then we want to reflect if that is enough or whether we can do ...