Siemens Raises Synergy Target for Dresser-Rand, Rolls Royce
German industrial group Siemens (SIEMENS.NS) raised its synergy target for the integration of Dresser-Rand and Rolls Royce energy to about 365 million euros ($406 million) by fiscal 2019 from about 200 million euros previously.
"Despite a material downturn in the sector, Siemens expects the acquisition of Dresser-Rand and Rolls-Royce's former energy business to generate considerably greater synergies than originally anticipated," it said in a statement.
Siemens said it saw synergy potential in cross-selling and services, consolidating research and development and procurement and optimising its footprint.
(Reporting by Georgina Prodhan)
