Siemens VDO cuts costs, stops losses.(News)

Automotive News Europe,  August, 2003  

• E-mail
• Print
• Link

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 ...

Read the rest of this article with a Free Trial at HighBeam Research.