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2021-11-12
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GE Was Once a Model for Siemens but Now Follows Its Rival’s Path<blockquote>通用电气曾经是西门子的典范，但现在却追随竞争对手的道路</blockquote>
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Under pressure from investors, the German company shifted from a conglomerate into a company focused on faster-growing and higher-margin software and technology, shedding its healthcare and energy businesses.</p><p><blockquote>通用电气本周宣布将拆分为三家上市公司，此前西门子近年来采取了剥离部分主要部门的战略。在投资者的压力下，这家德国公司从一家企业集团转变为一家专注于增长更快、利润率更高的软件和技术的公司，剥离了医疗保健和能源业务。</blockquote></p><p> This change of strategy helped Siemens overtake its U.S. rival in market capitalization after being as much as four times smaller in the mid-2000s.</p><p><blockquote>这一战略变化帮助西门子在2000年代中期市值缩小了四倍后，在市值上超越了美国竞争对手。</blockquote></p><p> “Simply, GE is just late to the de-conglomerisation party,” investment bank Jefferies wrote in a report to clients this week.</p><p><blockquote>投资银行杰富瑞(Jefferies)在本周给客户的一份报告中写道：“简而言之，通用电气在去企业集团化方面来得太晚了。”</blockquote></p><p> Siemens Chief Financial Officer Ralf Thomas said the company couldn’t help feeling vindicated after the GE announcement.</p><p><blockquote>西门子首席财务官拉尔夫·托马斯表示，通用电气宣布这一消息后，该公司不禁感到自己被证明是正确的。</blockquote></p><p> “They have to act,” Mr. Thomas said Thursday. “We had the opportunity to act from a position of strength back then when we were shaping our plan.”</p><p><blockquote>“他们必须采取行动，”托马斯先生周四表示。“当时，当我们制定计划时，我们有机会采取强势行动。”</blockquote></p><p> GE Chief Executive Officer Larry Culp said in an investor call this week that the “momentum we have built puts us in a position of strength” to divide into three businesses that can realize their full potential.</p><p><blockquote>通用电气首席执行官Larry Culp本周在投资者看涨期权上表示，“我们建立的势头使我们处于优势地位”，可以分为三个能够充分发挥潜力的业务。</blockquote></p><p> On Thursday, Siemens reported better-than-expected sales and orders during the quarter despite continuing supply chain disruptions, and the company also said it would increase its dividend.</p><p><blockquote>周四，西门子报告称，尽管供应链持续中断，但该季度的销售额和订单好于预期，该公司还表示将增加股息。</blockquote></p><p> Siemens, whose activities now center on industrial software, automation and mobility, said sales rose 18% to 17.44 billion euros, equivalent to $19.98 billion, in the three months to the end of September. Company shares closed up around 3% in Germany.</p><p><blockquote>西门子目前的业务集中在工业软件、自动化和移动性，该公司表示，截至9月底的三个月内，销售额增长了18%，达到174.4亿欧元，相当于199.8亿美元。公司股价在德国收盘上涨约3%。</blockquote></p><p> Continuing its spinoff drive, Siemens confirmed Thursday that it would carve out its large-drives unit, which makes heavy-duty drive systems for ships, mines and mills, into separate legal entities.</p><p><blockquote>西门子周四证实，将继续分拆其大型驱动部门，该部门为船舶、矿山和工厂生产重型驱动系统，分为独立的法人实体。</blockquote></p><p> GE’s moves raise pressure on Siemens to further trim its stakes in its recent spinoffs to streamline the company even more, investors and analysts say.Some say Siemens hasn’t gone far enough and still retains a great deal of complexity, with some calling for it to spin off its mobility division.</p><p><blockquote>投资者和分析师表示，通用电气的举动给西门子带来了压力，要求西门子进一步削减其在最近分拆中的股份，以进一步精简公司。有人说西门子做得还不够，仍然保留了很大的复杂性，有人呼吁西门子剥离其移动部门。</blockquote></p><p> Siemens has a 75% stake in Siemens Healthineers AG, which works in the field of medical technology, and 35% in Siemens Energy AG, which makes gas turbines and generators.</p><p><blockquote>西门子拥有从事医疗技术领域工作的西门子医疗公司75%的股份，以及生产燃气轮机和发电机的西门子能源公司35%的股份。</blockquote></p><p> GE said it expects to retain a stake of 19.9% in GE Healthcare once it is spun off. Jefferies analysts said the GE move raises pressure on Siemens to reduce its stake in Healthineers to under 50% to free up funds to invest in software.</p><p><blockquote>通用电气表示，一旦剥离，预计将保留通用电气医疗19.9%的股份。杰富瑞(Jefferies)分析师表示，通用电气此举加大了西门子的压力，要求西门子将其在Healthineers的股份降至50%以下，以腾出资金投资软件。</blockquote></p><p> “The question is: If I buy Siemens, do I want to also invest in Healthineers? Because if I wanted to, I could just invest in Healthineers,” which is publicly listed, said Vera Diehl, fund manager at German asset-management firm Union Investment, which holds 1.2% of Siemens. “As a portfolio manager, I want to create my own portfolio of what types of businesses I invest in, not rely on the company to do that for me.”</p><p><blockquote>德国资产管理公司的基金经理维拉·迪尔(Vera Diehl)表示：“问题是：如果我购买西门子，我是否也想投资医疗保健公司？因为如果我想，我可以投资医疗保健公司，”该公司是公开上市的。Union Investment持有西门子1.2%的股份。“作为一名投资组合经理，我希望创建自己的投资组合，了解我投资的企业类型，而不是依赖公司为我做这件事。”</blockquote></p><p> Siemens’s Mr. Thomas said that unwinding stakes takes time, citing the need to transition intellectual property, data and various systems. He said Siemens was looking to completely unwind its stake in Siemens Energy and is open to considering more independence for Healthineers.</p><p><blockquote>西门子的托马斯表示，解除股份需要时间，理由是需要转移知识产权、数据和各种系统。他表示，西门子正在寻求完全剥离其在西门子能源公司的股份，并愿意考虑给予医疗保健公司更多的独立性。</blockquote></p><p> The shift at Siemens, a company that began in 1847 as a maker of telegraph machines, shows the benefits—as well as challenges—of the carve-out strategy, investors say.</p><p><blockquote>投资者表示，西门子公司成立于1847年，最初是一家电报机制造商，其转变显示了分拆战略的好处以及挑战。</blockquote></p><p> “Siemens was a tanker, which was then transformed into a fleet of ships and high-speed boats, which it put on the water,” Ms. Diehl said. “It made the company more transparent and the investment story easier.”</p><p><blockquote>“西门子是一艘油轮，然后被改造成一支由船只和快艇组成的船队，并将其投放到水面上，”迪尔女士说。“这让公司更加透明，投资故事也更容易。”</blockquote></p><p> While smaller, Siemens had competed with GE over the years as a maker of sophisticated industrial machinery. But inside the German company, GE had often been a source of inspiration and envy, top Siemens executives have said.</p><p><blockquote>虽然规模较小，但西门子多年来一直作为复杂工业机械制造商与通用电气竞争。但西门子高管表示，在这家德国公司内部，通用电气经常是灵感和羡慕的源泉。</blockquote></p><p> “GE was always the model, the benchmark,” said Manfred Hoefle, a Siemens watcher and former manager who spent 29 years at the company until 2005. “At Siemens you always had to justify yourself, and people would ask you, ‘Why don’t you do it like GE?’ ”</p><p><blockquote>“通用电气始终是典范、标杆，”西门子观察家、前经理曼弗雷德·赫夫尔(Manfred Hoefle)说道，他在该公司工作了29年，直到2005年。“在西门子，你总是必须为自己辩护，人们会问你，‘你为什么不像通用电气那样做呢？’”</blockquote></p><p> Siemens’s expansion, however, made the company inefficient and difficult to manage, investors and former executives say.</p><p><blockquote>然而，投资者和前高管表示，西门子的扩张使公司效率低下且难以管理。</blockquote></p><p> “At some point you saw that the synergies became very limited as complexity grew and grew,” Mr. Hoefle said. “If those responsible no longer understand the business, the company becomes only a portfolio managing center.”</p><p><blockquote>“在某些时候，你会发现随着复杂性的增加，协同效应变得非常有限，”赫夫尔先生说。“如果负责人不再了解业务，公司就只是一个投资组合管理中心。”</blockquote></p><p></p><p> A spokesman for Siemens said that the company has sought to create value by establishing focused, publicly listed companies as part of “the transformation of Siemens AG from a traditional industrial conglomerate to focused technology company.”</p><p><blockquote>西门子发言人表示，作为“西门子股份公司从传统工业集团向专注科技公司转型”的一部分，该公司寻求通过建立专注的上市公司来创造价值。</blockquote></p><p> After taking over in 2013, then-CEO Joe Kaeser ledan effort to refocus the sprawling conglomerate into a narrower selection of more-profitable units and to slash costs across the board, including thousands of job cuts. Siemens units got more autonomy to make decisions but also carried more responsibility for meeting financial targets.</p><p><blockquote>2013年接任后，时任首席执行官乔·凯泽·莱丹(Joe Kaeser ledan)努力将这家庞大的企业集团重新聚焦于更狭窄的利润更高的部门，并全面削减成本，包括裁员数千人。西门子各部门获得了更多的决策自主权，但也承担了更多实现财务目标的责任。</blockquote></p><p> The energy shake-up was triggered in part by worry over activist investors, Siemens executives said at the time. Back then, such investors, including some from the U.S., were pushing for boardroom changes in European companies like French beverage makerPernod RicardSA and German steel-to-elevator conglomerate Thyssenkrupp AG.</p><p><blockquote>西门子高管当时表示，能源重组的部分原因是对激进投资者的担忧。当时，这些投资者，包括一些来自美国的投资者，正在推动法国饮料制造商保乐力加（Pernod RicardSA）和德国钢铁电梯集团蒂森克虏伯（Thyssenkrupp AG）等欧洲公司的董事会变动。</blockquote></p><p> Shares in Siemens Healthineers have roughly doubled their value since the company was listed on the stock exchange, while the parent company is up 55% since then. Germany’s DAX index gained around 30% over the same period.</p><p><blockquote>自西门子医疗在证券交易所上市以来，该公司的股价大约翻了一番，而母公司自那以来上涨了55%。德国DAX指数同期上涨约30%。</blockquote></p><p> Siemens Energy shares are up 17% since their listing in September last year, underperforming the German blue-chip index’s 25% rise over the same period.</p><p><blockquote>西门子能源股价自去年9月上市以来上涨了17%，表现逊于德国蓝筹股指数同期25%的涨幅。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>GE Was Once a Model for Siemens but Now Follows Its Rival’s Path<blockquote>通用电气曾经是西门子的典范，但现在却追随竞争对手的道路</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGE Was Once a Model for Siemens but Now Follows Its Rival’s Path<blockquote>通用电气曾经是西门子的典范，但现在却追随竞争对手的道路</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Wall Street Journal</strong><span class=\"h-time small\">2021-11-12 17:20</span>\n</p>\n</h4>\n</header>\n<article>\n<p>For decades,Siemens AG lived in the shadow ofGeneral ElectricCo., with the German engineering and technology company often mimicking its competitor’s practices and managers looking to it as a benchmark.</p><p><blockquote>几十年来，西门子公司一直生活在通用电气的阴影下。这家德国工程技术公司经常模仿竞争对手的做法，经理们将其视为基准。</blockquote></p><p> Now, it’s GE that is catching up with its rival’s moves.</p><p><blockquote>现在，赶上竞争对手动作的是通用电气。</blockquote></p><p> GE’s announcement this week that it will split into three public companies follows Siemens’s strategy of spinning off some of its major divisions in recent years. Under pressure from investors, the German company shifted from a conglomerate into a company focused on faster-growing and higher-margin software and technology, shedding its healthcare and energy businesses.</p><p><blockquote>通用电气本周宣布将拆分为三家上市公司，此前西门子近年来采取了剥离部分主要部门的战略。在投资者的压力下，这家德国公司从一家企业集团转变为一家专注于增长更快、利润率更高的软件和技术的公司，剥离了医疗保健和能源业务。</blockquote></p><p> This change of strategy helped Siemens overtake its U.S. rival in market capitalization after being as much as four times smaller in the mid-2000s.</p><p><blockquote>这一战略变化帮助西门子在2000年代中期市值缩小了四倍后，在市值上超越了美国竞争对手。</blockquote></p><p> “Simply, GE is just late to the de-conglomerisation party,” investment bank Jefferies wrote in a report to clients this week.</p><p><blockquote>投资银行杰富瑞(Jefferies)在本周给客户的一份报告中写道：“简而言之，通用电气在去企业集团化方面来得太晚了。”</blockquote></p><p> Siemens Chief Financial Officer Ralf Thomas said the company couldn’t help feeling vindicated after the GE announcement.</p><p><blockquote>西门子首席财务官拉尔夫·托马斯表示，通用电气宣布这一消息后，该公司不禁感到自己被证明是正确的。</blockquote></p><p> “They have to act,” Mr. Thomas said Thursday. “We had the opportunity to act from a position of strength back then when we were shaping our plan.”</p><p><blockquote>“他们必须采取行动，”托马斯先生周四表示。“当时，当我们制定计划时，我们有机会采取强势行动。”</blockquote></p><p> GE Chief Executive Officer Larry Culp said in an investor call this week that the “momentum we have built puts us in a position of strength” to divide into three businesses that can realize their full potential.</p><p><blockquote>通用电气首席执行官Larry Culp本周在投资者看涨期权上表示，“我们建立的势头使我们处于优势地位”，可以分为三个能够充分发挥潜力的业务。</blockquote></p><p> On Thursday, Siemens reported better-than-expected sales and orders during the quarter despite continuing supply chain disruptions, and the company also said it would increase its dividend.</p><p><blockquote>周四，西门子报告称，尽管供应链持续中断，但该季度的销售额和订单好于预期，该公司还表示将增加股息。</blockquote></p><p> Siemens, whose activities now center on industrial software, automation and mobility, said sales rose 18% to 17.44 billion euros, equivalent to $19.98 billion, in the three months to the end of September. Company shares closed up around 3% in Germany.</p><p><blockquote>西门子目前的业务集中在工业软件、自动化和移动性，该公司表示，截至9月底的三个月内，销售额增长了18%，达到174.4亿欧元，相当于199.8亿美元。公司股价在德国收盘上涨约3%。</blockquote></p><p> Continuing its spinoff drive, Siemens confirmed Thursday that it would carve out its large-drives unit, which makes heavy-duty drive systems for ships, mines and mills, into separate legal entities.</p><p><blockquote>西门子周四证实，将继续分拆其大型驱动部门，该部门为船舶、矿山和工厂生产重型驱动系统，分为独立的法人实体。</blockquote></p><p> GE’s moves raise pressure on Siemens to further trim its stakes in its recent spinoffs to streamline the company even more, investors and analysts say.Some say Siemens hasn’t gone far enough and still retains a great deal of complexity, with some calling for it to spin off its mobility division.</p><p><blockquote>投资者和分析师表示，通用电气的举动给西门子带来了压力，要求西门子进一步削减其在最近分拆中的股份，以进一步精简公司。有人说西门子做得还不够，仍然保留了很大的复杂性，有人呼吁西门子剥离其移动部门。</blockquote></p><p> Siemens has a 75% stake in Siemens Healthineers AG, which works in the field of medical technology, and 35% in Siemens Energy AG, which makes gas turbines and generators.</p><p><blockquote>西门子拥有从事医疗技术领域工作的西门子医疗公司75%的股份，以及生产燃气轮机和发电机的西门子能源公司35%的股份。</blockquote></p><p> GE said it expects to retain a stake of 19.9% in GE Healthcare once it is spun off. Jefferies analysts said the GE move raises pressure on Siemens to reduce its stake in Healthineers to under 50% to free up funds to invest in software.</p><p><blockquote>通用电气表示，一旦剥离，预计将保留通用电气医疗19.9%的股份。杰富瑞(Jefferies)分析师表示，通用电气此举加大了西门子的压力，要求西门子将其在Healthineers的股份降至50%以下，以腾出资金投资软件。</blockquote></p><p> “The question is: If I buy Siemens, do I want to also invest in Healthineers? Because if I wanted to, I could just invest in Healthineers,” which is publicly listed, said Vera Diehl, fund manager at German asset-management firm Union Investment, which holds 1.2% of Siemens. “As a portfolio manager, I want to create my own portfolio of what types of businesses I invest in, not rely on the company to do that for me.”</p><p><blockquote>德国资产管理公司的基金经理维拉·迪尔(Vera Diehl)表示：“问题是：如果我购买西门子，我是否也想投资医疗保健公司？因为如果我想，我可以投资医疗保健公司，”该公司是公开上市的。Union Investment持有西门子1.2%的股份。“作为一名投资组合经理，我希望创建自己的投资组合，了解我投资的企业类型，而不是依赖公司为我做这件事。”</blockquote></p><p> Siemens’s Mr. Thomas said that unwinding stakes takes time, citing the need to transition intellectual property, data and various systems. He said Siemens was looking to completely unwind its stake in Siemens Energy and is open to considering more independence for Healthineers.</p><p><blockquote>西门子的托马斯表示，解除股份需要时间，理由是需要转移知识产权、数据和各种系统。他表示，西门子正在寻求完全剥离其在西门子能源公司的股份，并愿意考虑给予医疗保健公司更多的独立性。</blockquote></p><p> The shift at Siemens, a company that began in 1847 as a maker of telegraph machines, shows the benefits—as well as challenges—of the carve-out strategy, investors say.</p><p><blockquote>投资者表示，西门子公司成立于1847年，最初是一家电报机制造商，其转变显示了分拆战略的好处以及挑战。</blockquote></p><p> “Siemens was a tanker, which was then transformed into a fleet of ships and high-speed boats, which it put on the water,” Ms. Diehl said. “It made the company more transparent and the investment story easier.”</p><p><blockquote>“西门子是一艘油轮，然后被改造成一支由船只和快艇组成的船队，并将其投放到水面上，”迪尔女士说。“这让公司更加透明，投资故事也更容易。”</blockquote></p><p> While smaller, Siemens had competed with GE over the years as a maker of sophisticated industrial machinery. But inside the German company, GE had often been a source of inspiration and envy, top Siemens executives have said.</p><p><blockquote>虽然规模较小，但西门子多年来一直作为复杂工业机械制造商与通用电气竞争。但西门子高管表示，在这家德国公司内部，通用电气经常是灵感和羡慕的源泉。</blockquote></p><p> “GE was always the model, the benchmark,” said Manfred Hoefle, a Siemens watcher and former manager who spent 29 years at the company until 2005. “At Siemens you always had to justify yourself, and people would ask you, ‘Why don’t you do it like GE?’ ”</p><p><blockquote>“通用电气始终是典范、标杆，”西门子观察家、前经理曼弗雷德·赫夫尔(Manfred Hoefle)说道，他在该公司工作了29年，直到2005年。“在西门子，你总是必须为自己辩护，人们会问你，‘你为什么不像通用电气那样做呢？’”</blockquote></p><p> Siemens’s expansion, however, made the company inefficient and difficult to manage, investors and former executives say.</p><p><blockquote>然而，投资者和前高管表示，西门子的扩张使公司效率低下且难以管理。</blockquote></p><p> “At some point you saw that the synergies became very limited as complexity grew and grew,” Mr. Hoefle said. “If those responsible no longer understand the business, the company becomes only a portfolio managing center.”</p><p><blockquote>“在某些时候，你会发现随着复杂性的增加，协同效应变得非常有限，”赫夫尔先生说。“如果负责人不再了解业务，公司就只是一个投资组合管理中心。”</blockquote></p><p></p><p> A spokesman for Siemens said that the company has sought to create value by establishing focused, publicly listed companies as part of “the transformation of Siemens AG from a traditional industrial conglomerate to focused technology company.”</p><p><blockquote>西门子发言人表示，作为“西门子股份公司从传统工业集团向专注科技公司转型”的一部分，该公司寻求通过建立专注的上市公司来创造价值。</blockquote></p><p> After taking over in 2013, then-CEO Joe Kaeser ledan effort to refocus the sprawling conglomerate into a narrower selection of more-profitable units and to slash costs across the board, including thousands of job cuts. Siemens units got more autonomy to make decisions but also carried more responsibility for meeting financial targets.</p><p><blockquote>2013年接任后，时任首席执行官乔·凯泽·莱丹(Joe Kaeser ledan)努力将这家庞大的企业集团重新聚焦于更狭窄的利润更高的部门，并全面削减成本，包括裁员数千人。西门子各部门获得了更多的决策自主权，但也承担了更多实现财务目标的责任。</blockquote></p><p> The energy shake-up was triggered in part by worry over activist investors, Siemens executives said at the time. Back then, such investors, including some from the U.S., were pushing for boardroom changes in European companies like French beverage makerPernod RicardSA and German steel-to-elevator conglomerate Thyssenkrupp AG.</p><p><blockquote>西门子高管当时表示，能源重组的部分原因是对激进投资者的担忧。当时，这些投资者，包括一些来自美国的投资者，正在推动法国饮料制造商保乐力加（Pernod RicardSA）和德国钢铁电梯集团蒂森克虏伯（Thyssenkrupp AG）等欧洲公司的董事会变动。</blockquote></p><p> Shares in Siemens Healthineers have roughly doubled their value since the company was listed on the stock exchange, while the parent company is up 55% since then. Germany’s DAX index gained around 30% over the same period.</p><p><blockquote>自西门子医疗在证券交易所上市以来，该公司的股价大约翻了一番，而母公司自那以来上涨了55%。德国DAX指数同期上涨约30%。</blockquote></p><p> Siemens Energy shares are up 17% since their listing in September last year, underperforming the German blue-chip index’s 25% rise over the same period.</p><p><blockquote>西门子能源股价自去年9月上市以来上涨了17%，表现逊于德国蓝筹股指数同期25%的涨幅。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/ge-was-once-a-model-for-siemens-but-now-follows-its-rivals-path-11636656545?mod=hp_lead_pos6\">Wall Street Journal</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GE":"GE航空航天"},"source_url":"https://www.wsj.com/articles/ge-was-once-a-model-for-siemens-but-now-follows-its-rivals-path-11636656545?mod=hp_lead_pos6","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188735483","content_text":"For decades,Siemens AG lived in the shadow ofGeneral ElectricCo., with the German engineering and technology company often mimicking its competitor’s practices and managers looking to it as a benchmark.\nNow, it’s GE that is catching up with its rival’s moves.\nGE’s announcement this week that it will split into three public companies follows Siemens’s strategy of spinning off some of its major divisions in recent years. Under pressure from investors, the German company shifted from a conglomerate into a company focused on faster-growing and higher-margin software and technology, shedding its healthcare and energy businesses.\nThis change of strategy helped Siemens overtake its U.S. rival in market capitalization after being as much as four times smaller in the mid-2000s.\n“Simply, GE is just late to the de-conglomerisation party,” investment bank Jefferies wrote in a report to clients this week.\nSiemens Chief Financial Officer Ralf Thomas said the company couldn’t help feeling vindicated after the GE announcement.\n“They have to act,” Mr. Thomas said Thursday. “We had the opportunity to act from a position of strength back then when we were shaping our plan.”\nGE Chief Executive Officer Larry Culp said in an investor call this week that the “momentum we have built puts us in a position of strength” to divide into three businesses that can realize their full potential.\nOn Thursday, Siemens reported better-than-expected sales and orders during the quarter despite continuing supply chain disruptions, and the company also said it would increase its dividend.\nSiemens, whose activities now center on industrial software, automation and mobility, said sales rose 18% to 17.44 billion euros, equivalent to $19.98 billion, in the three months to the end of September. Company shares closed up around 3% in Germany.\nContinuing its spinoff drive, Siemens confirmed Thursday that it would carve out its large-drives unit, which makes heavy-duty drive systems for ships, mines and mills, into separate legal entities.\nGE’s moves raise pressure on Siemens to further trim its stakes in its recent spinoffs to streamline the company even more, investors and analysts say.Some say Siemens hasn’t gone far enough and still retains a great deal of complexity, with some calling for it to spin off its mobility division.\nSiemens has a 75% stake in Siemens Healthineers AG, which works in the field of medical technology, and 35% in Siemens Energy AG, which makes gas turbines and generators.\nGE said it expects to retain a stake of 19.9% in GE Healthcare once it is spun off. Jefferies analysts said the GE move raises pressure on Siemens to reduce its stake in Healthineers to under 50% to free up funds to invest in software.\n“The question is: If I buy Siemens, do I want to also invest in Healthineers? Because if I wanted to, I could just invest in Healthineers,” which is publicly listed, said Vera Diehl, fund manager at German asset-management firm Union Investment, which holds 1.2% of Siemens. “As a portfolio manager, I want to create my own portfolio of what types of businesses I invest in, not rely on the company to do that for me.”\nSiemens’s Mr. Thomas said that unwinding stakes takes time, citing the need to transition intellectual property, data and various systems. He said Siemens was looking to completely unwind its stake in Siemens Energy and is open to considering more independence for Healthineers.\nThe shift at Siemens, a company that began in 1847 as a maker of telegraph machines, shows the benefits—as well as challenges—of the carve-out strategy, investors say.\n“Siemens was a tanker, which was then transformed into a fleet of ships and high-speed boats, which it put on the water,” Ms. Diehl said. “It made the company more transparent and the investment story easier.”\nWhile smaller, Siemens had competed with GE over the years as a maker of sophisticated industrial machinery. But inside the German company, GE had often been a source of inspiration and envy, top Siemens executives have said.\n“GE was always the model, the benchmark,” said Manfred Hoefle, a Siemens watcher and former manager who spent 29 years at the company until 2005. “At Siemens you always had to justify yourself, and people would ask you, ‘Why don’t you do it like GE?’ ”\nSiemens’s expansion, however, made the company inefficient and difficult to manage, investors and former executives say.\n“At some point you saw that the synergies became very limited as complexity grew and grew,” Mr. Hoefle said. “If those responsible no longer understand the business, the company becomes only a portfolio managing center.”\nA spokesman for Siemens said that the company has sought to create value by establishing focused, publicly listed companies as part of “the transformation of Siemens AG from a traditional industrial conglomerate to focused technology company.”\nAfter taking over in 2013, then-CEO Joe Kaeser ledan effort to refocus the sprawling conglomerate into a narrower selection of more-profitable units and to slash costs across the board, including thousands of job cuts. Siemens units got more autonomy to make decisions but also carried more responsibility for meeting financial targets.\nThe energy shake-up was triggered in part by worry over activist investors, Siemens executives said at the time. Back then, such investors, including some from the U.S., were pushing for boardroom changes in European companies like French beverage makerPernod RicardSA and German steel-to-elevator conglomerate Thyssenkrupp AG.\nShares in Siemens Healthineers have roughly doubled their value since the company was listed on the stock exchange, while the parent company is up 55% since then. Germany’s DAX index gained around 30% over the same period.\nSiemens Energy shares are up 17% since their listing in September last year, underperforming the German blue-chip index’s 25% rise over the same period.","news_type":1,"symbols_score_info":{"GE":0.9}},"isVote":1,"tweetType":1,"viewCount":403,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/879844772"}
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