Germany's offshore wind gamble is hitting Siemens AG
"(Reuters) - German engineering conglomerate Siemens AG (SIEGn.DE) slashed its full-year outlook on Wednesday after incurring another major charge related to delayed offshore wind power projects in the second quarter.
The announcement comes a day after Siemens named a new chief for the affected Power Transmission division, having ousted the unit's former CEO Udo Niehage."
"We are addressing the problems (at Power Transmission) systematically," group Chief Executive Peter Loescher said after Siemens reported a two-thirds drop in fiscal second-quarter net profit from continuing operations to 1.05 billion euros.
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