Control Systems

On heels of deal to acquire CD-adapco, Siemens to begin share buyback

By Bloomberg Business, with additional info from Siemens

Feb 02, 2016

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Siemens AG, Europe’s largest engineering company, said it will begin a 3 billion-euro ($3.3 billion) share buyback program, the second such repurchase since Chief Executive Officer Joe Kaeser took the helm in 2013.

The maker of trains, turbines and medical scanners plans to buy back as many as 60 million shares by Nov. 15, 2018, it said in a statement Tuesday. Siemens announced the plan in November after completing the previous month a 4 billion-euro buyback, acquiring 4.9 percent of stock.

Last week, Siemens announced plans to acquire simulation software supplier CD-adapco for a purchase price of $970 million.

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