There was some speculation, brushed off by Siemens' new chief executive Joe Kaeser, that the group might dismantle the I&C business after its performance fell well short of expectations. The division looks after Siemens security systems, high-speed trains and power distribution systems.
In the financial year ended September 30, the business posted a margin on earnings before interest, tax, depreciation and amortization of 3.7 percent, well below a target range of 8-12 percent. That made it the least profitable of Siemens' four main businesses, behind Industry, Energy and Healthcare.
It generates about $23.1 billion of annual revenue - or 23 percent of group sales - but accounted for only about 5 percent of group profit last year, hit by restructuring costs and charges related to the delayed delivery of high-speed trains.
