Siemens and Stadler Planning Joint Venture
Siemens, the German engineering group together with Stadler, the Swiss rail company, are now in discussion to enter into a joint venture agreement for all busines projects covering both short and long distance traffic routes. The said discussion was reported in Wirtschaftswoche who did not identify the source of the information.
There have been several discussions already conducted between the chief executives for both firms, according to the magazine's report last Saturday. The magazine added that both Siemens and Stadler were not willing to provide comment on the discussions and the details of the venture.
Siemens is the largest engineering firm in Europe with business interests ranging from hearing aids to medical equipment to gas turbines. Last year, it had announced it was undertaking a massive savings program to be able to close the difference between profitability and viability with the competition, primarily Switzerland's ABB and the US's General Electric Co.