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Siemens wields the axe on suppliers


German technology company Siemens will sever business relations with 20% of its suppliers
this year, to increase the flexibility it has in procurement. The company's chief executive,
Peter Loscher, said that he still expected the company to hit its full year profit forecast of
8bn - 8.5bn.

Siemens has set up a new supply chain management organisation in November 2008,
appointing former Philips CPO, Barbara Kux, to head up the division that oversees an annual procurement spend of 42bn.

Barbara Kux will announce a new strategy plan for Siemens' procurement department on
29 April, with targets and milestones set until 2010.

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Source: Procurementleaders.com