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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 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.

"The speed at which business is changing worldwide has increased considerably," Loscher
said. "Against this backdrop of a slowing economy, we have to become more efficient."

"Siemens will do better because it started the cost-cutting earlier than others," said Scott
Babka at Morgan Stanley. "But in 2010, everybody in the sector will have a hard time."

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