''Siemens AG (SIE) outlined an efficiency
plan focused on cost cuts and weeding out laggard businesses, as
Chief Executive Officer Peter Loescher seeks to turn around the
engineering company after goals for this year slipped.
The program will review Siemens’s marketing approach, simplify processes, eliminate redundant functions and examine units not meeting profit expectations, the Munich-based company said today. The plan will run for two years, and Loescher will provide an update next month when Siemens reports earnings.''
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