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Article: Siemens VDO cuts costs, stops losses.(News)
- Article from:
- Automotive News Europe
- Article date:
- August 25, 2003
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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A strong cost-cutting drive has reversed the losses at Siemens VDO, suppliers of electronics, electrics and mechatronics.
The company, created in April 2001 by a merger between Siemens Automotive AG and Mannesmann VDO, had an operating loss of [euro]261 million in its fiscal year ending September 30, 2001.
But in the third quarter of the current financial year, the company reported a profit of [euro]111 million on sales of [euro]2.1 billion, despite a six percent drop in sales.
Siemens VDO, the automotive subsidiary of the Siemens electrical and electronics giant, beat the group's target of more than 5 percent earnings before interest and tax in ...