Siemens is an electronics and electrical engineering company that operates in the energy, health care, industry and infrastructure businesses worldwide.
The company also offers products, services and solutions to energy providers for the generation and transmission of power; and to industrial oil and gas companies for the extraction, conversion and transportation of oil and gas.
It even provides commercial finance services, such as equipment finance, leasing, rental and related financing solutions to various organizations. Siemens' financing solutions comprise debt financing, equity participations, financial advisory, investment management services, including services related to pension assets to its institutional clients.
Siemens also is in the business of managing and offering mutual funds to the general public as well as providing industrial insurance and private finance solutions. The company was founded in 1847 and is based in Munich, Germany.As I studied its highly informative Web site, I noticed that one of its biggest energy initiatives includes converting tidal power into electricity and "blazing the trail for offshore wind" power. Siemens reminds me a great deal of its rival General Electric (GE - Get Report). The biggest difference appears to be that Siemens' financial base is strong enough to sustain all its industrial and financial businesses through all kinds of economic and catastrophic conditions. In all fairness to GE, it is also focused on environmental concerns and solutions. It competes in the business of alternative energy equipment and has progressed in designing more fuel-efficient engines. GE has an entire page of its Web site dedicated to what it calls "ecomagination," which translates to GE's imaginative efforts to focus on the topic of ecology and environmental issues. Siemens announced last Wednesday the appointment of a new CFO effective immediately, who will concentrate responsibilities within the Managing Board as of Oct. 1. At its meeting last Wednesday, Siemens' Supervisory Board appointed Ralf Thomas (age 52) CFO of Siemens AG. Thomas was previously CFO at the company's Industry Sector. "With Ralf Thomas, we are gaining an experienced CFO who is very familiar with circumstances at Siemens through his many years of working at the company," said the Chairman of the Siemens Supervisory Board Gerhard Cromme.