Siemens environmental products sales rise 11 pct

(AP:FRANKFURT) German industrial conglomerate Siemens AG said Tuesday its revenue on environmental products rose by 11 percent over the past year and that it had received an order for wind turbines from Mexico _ its first ever from Latin America.

Siemens, based in Munich, said it generated revenue of euro23 billion ($34 billion) in its environmental portfolio, up from the euro20.7 billion in 2008.

The company said energy-saving motors, solar inverter systems and components for energy-saving buildings were among the products that added to the improvement.

"Our green products and solutions are contributing to stabilizing our business during the economic crisis," Barbara Kux, the company's chief sustainability officer, said in a statement.

Siemens said earlier this year it expected governments of the world's 20 largest economies to spend about $430 billion (euro306 billion) in the next several years to improve infrastructure such as power grids and transportation networks to become more efficient and environmentally friendly. Siemens said it hoped to benefit from the trend and to increase the environmental portfolio's revenue to euro25 billion by 2011.

The company said previously it expects total revenue for 2009 around the 2008 level of euro77.3 billion.

Siemens' fiscal year starts in October. The company reports full year earnings on December 3.

In a separate report, Siemens said it had received an order for 70 wind turbines for the Los Vergeles wind farm in Tamaulipas, Mexico, valued at some $270 million. The company said it's the first order from the Latin American region for wind turbines.

Siemens said the buyer is Grupo Soluciones en Energias Renovables, a Mexican wind energy developer. With a total installed rated capacity of more than 160 megawatts, the Los Vergeles wind farm is expected to provide clean power to 200,000 households, making it Mexico's largest wind farm.

Shares of Siemens were slightly higher at euro63.84 in Frankfurt morning trading.

___

On the Net:

http://www.siemens.com

Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

< Back to News Index