Siemens's recent exit from its Nokia Siemens Networks stake will net the engineering group a total of EUR400 million or US$530 million, according to the company's chief executive Joe Kaeser.
Kaeser said that the gain will be recorded as earnings from continuing operations. He was recently named as the company's new finance head after former chief executive Peter Loescher's contract ended. Loescher served for the group for four years before leaving, following this year's second profit warning.
Loscher failed to reach the 12% sales target of the company, according to the new chief financial officer.
Krisitan Falnes, the chief investment officer of Skagen AS (minor shareholder in Siemens), said "We really believed this 12 percent margin target was achievable so it was a huge disappointment when they said they wouldn't make it."
"Siemens is below peers at the moment," summed Falnes. Skaged AS owns under 1% of Siemens shares.
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