Siemens 2008 Annual Report Download - page 85

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Fit42010 – Portfolio 79
Second, we’re further aligning our portfolio with our three-Sector setup. The sale of Siemens

VDO Automotive (SV) to Continental AG was a logical step in this direction. In addition, our
Industry Automation Division made a prot on the sale of its wireless modules business, and the
divestment of OSRAM’s global tungsten business generated a prot as well. We’ve also found
satisfactory solutions for our remaining communications businesses: Siemens Enterprise Com-
munications (SEN) and Siemens Home and Ofce Communication Devices GmbH & Co. KG
(SHC). In The Gores Group, we’ve found a partner for SEN with extensive experience in the tech-
nology and telecommunications area. We assume that – under the management of ARQUES
Industries AG – SHC will further enhance its position as market leader in high-end communica-
tions solutions. In accordance with our portfolio strategy, we’re also selling our 50 percent stake
in the joint venture Fujitsu Siemens Computers (FSC) to Fujitsu Limited. Closing is scheduled
for April 1, 2009, pending regulatory approval. As part of our previously announced transforma-
tion program, all our remaining Other Operations will be integrated into our Sectors or Cross-
Sector Businesses, sold, funneled into joint ventures or closed.
Third, where appropriate, we’ll continue to make selected equity investments. Our goal is to

create sustainable value through rigorously targeted resource allocation. That’s why any future
acquisitions we make will have to meet strict nancial criteria.
Active portfolio management is an ongoing process, empowering us – as an integrated technology
company – to achieve our ambitious goals while delivering innovative products and solutions to
our customers and generating lasting value for our shareholders.
Industry Energy Healthcare
Industry Automation
Drive Technologies
Building Technologies
OSRAM
Industry Solutions
Mobility
Fossil Power Generation
Renewable Energy
Oil & Gas
Energy Service
Power Transmission
Power Distribution
Imaging & IT
Workow & Solutions
Diagnostics
Cross-Sector Businesses
Siemens IT Solutions and Services Siemens Financial Services
Focus on three Sectors
Megatrends driving our success
Shifting
demographics
Urbanization
Climate change
Globalization
Position 1 or 2 in attractive growth markets