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Merck & Co. Inc. (MRK) Financial News - Siemens Chief Loescher, Executives Win Extensions to Contracts

Merck & Co. Inc. (MRK)

Siemens Chief Loescher, Executives Win Extensions to Contracts

Quote: drugmaker Merck & Co. to replace CEO Klaus Kleinfeld as the Munich-based manufacturer was engulfed in allegations of kickbacks and bribes tied to projects in more than a dozen countries. In addition to exorcising corrupt practices, Loescher has scaled back Siemens’s operations to focus on industrial, energy and health-care customers. The reorganization has included selling the telecommunications division on which Siemens was founded and creating a fourth division targeting municipal infrastructure such as mass transit and energy distribution. Loescher has vowed Siemens will outgrow its main rivals to eventually become a company with 100 billion euros ($145 billion) in sales. Revenue will total 73.8 billion euros in the year ending Sept. 30 and rise to 84.8 billion euros in fiscal 2015, according to analyst estimates compiled by Bloomberg. Richard Weissrweiss5@bloomberg.net. bkammel@bloomberg.net. ...
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