Siemens will not commence new business with Iran after mid 2010

2010/01/26

Published in German on www.dowjones.de, January 26 2010
Translated by Keith Hazelton

By Matthias Karpstein
MÜNCHEN (Dow Jones)– “From the middle of the year we will accept no new business in Iran,” said CEO Peter Löscher on Tuesday at the Annual Meeting of the DAX Group in Munich’s Olympic Hall. (Photo: Siemens).

Summary translation: There were media reports last year that the (German) government was considering initiating legal proceedings against Siemens for violations of the Foreign Trade law banning sales of services to Iran. A Siemens spokesman denied this. Iran business accounts for less than one percent of Siemens sales.

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