Siemens expects stimulus-related work to approach $21 billion
In the U.S., Siemens expects orders stemming from the stimulus program of roughly $8 billion. "With their programs, governments worldwide are sending the right signal. Against the backdrop of the worst global economic crisis in decades, these government measures are at least partially cushioning, in some cases, sharp declines in private-sector demand. They should also have a stabilizing effect on our business," said Siemens President and CEO Peter Loscher.
In the past five years, Siemens has invested more than $25 billion in the U.S. - bolstering its portfolio in Energy, Industry and Healthcare - sectors developed by Siemens to answer the needs created by the megatrends of urbanization, globalization, aging populations and climate change. "In the past three month alone, in a down economy, we have invested over $100 million for new or expanding manufacturing - helping provide more energy-efficient technologies - and creating some 625 jobs," Nolen emphasized. "We are strengthening our ongoing commitment to helping this country grow and prosper, and we believe this will be done primarily through sustainable technologies."
At slightly more than $120 billion, the share of the U.S. stimulus program's portion relevant for Siemens represents the largest share of the worldwide total. China is in second place with a Siemens-relevant share of approximately $35 billion, followed by Germany with a share of around $7 billion. Major parts of these amounts are earmarked for green technologies. For example, investments in green technologies account for around 50 percent of the Siemens-relevant share of China's stimulus program and for about 60 percent of the corresponding share of Germany's stimulus program. "The various governments are strongly focused on sustainable investments. Siemens can help other countries to reach their climate protection targets, especially in close partnership with the local communities," said Peter Loscher.
"Governments should be lauded for ensuring that the majority of these amounts are earmarked for green technologies," said Nolen. He continued, "we are especially excited to represent what we see as a growing 'green' industrial manufacturing sector. This area has our full support, and with continued investment and R&D, we also believe it will be a growth area representing not only more jobs but also a growing supply chain."