Germany's Siemens AG said while Chinese industrial demand seemed to be stabilising it did not expect a notable recovery in the next two quarters."China is not and probably will not be an area of strength for the next quarters," Siegfried Russwurm, chief executive of Siemens' Industry business, said at an investor event on Thursday."But we are convinced that in the long run China is the place to be," he said.Slowing growth in China, euro zone recession and a muted recovery in the United States prompted Siemens last year to announce a push to save 6 billion euros ($7.9 billion) over two years.
Siemens AG is an integrated technology company with activities in the fields of industry, energy and healthcare. Shares of SI fell by 0.31% or $-0.33/share to $107.03. In the past year, the shares have traded as low as $77.88 and as high as $113.16. On average, 320554 shares of SI exchange hands on a given day and today's volume is recorded at 102604.
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