Siemens closing in on China sales goal
22 November 2007
German engineering and technology firm Siemens is close to reaching its goal of getting more than US$13 billion in orders in China by 2010, while projects related to the Beijing Olympics are approaching completion, the Wall Street Journal reported. Siemens received US$8.2 billion in new orders in China in the fiscal year ending September 30, up 21% on the previous year, and China business now accounts for 5-6% of the company's global total. The company stressed that investigations into alleged corruption within its China unit, notably a division that works in medical solutions, had only turned up "minor" cases of fraud. Siemens is working on US$1.6 billion of Olympics-related projects. These include the baggage-handling system for the new third terminal at Beijing's Capital International Airport as well as security systems and technology for some of the venues. The company expects many new projects to come from the transportation and power generation sectors.