Siemens Communications goes on budget

Mar 08 2005 - 05:11 PM ET | Siemens
Siemens Communications, rumored recently (but incorrectly) to be on the auction block, announced it will cut spending to the tune of a billion euros in an attempt to regain profitability. The unit has lost money 3 quarters in a row. In addition to spending controls, Siemens plans on launching 15 new mobile phones this year. Several of the new mobile phones, including the M75, should be announced at CeBIT later this week. In the latest market share figures, Siemens was the 5th largest mobile phone maker (overtaken recently by LG).