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Press Release07 October 2009Siemens AGMunich, Germany
Siemens granted state’s witness status in EU decision on transformer cartel
According to the findings of the European Commission, agreements existed between 1999 and 2003 for dividing up markets among European and Japanese producers of so-called high-power transformers. These transformers make it possible to change electrical current in order to transmit power over longer distances. After the allegations were made in February 2007, Siemens immediately launched its own investigations and suspended the employees at Siemens’ former Power Transmission and Distribution Group and an Austrian subsidiary who had been involved in the violations.
To prevent future misconduct, Siemens has made major efforts since 2007 to develop a new and effective compliance system, which focuses, in particular, on sensitizing employees with regard to anti-trust issues. Among other things, some 215,000 company employees worldwide have now completed compliance-related training courses. Siemens’ code of conduct also emphasizes the importance of fair competition and obligates all employees to comply with anti-trust regulations.
For this press release
Siemens AG (Berlin and Munich) is a global powerhouse in electronics and electrical engineering, operating in the industry, energy and healthcare sectors. The company has around 420,000 employees (in continuing operations) working to develop and manufacture products, design and install complex systems and projects, and tailor a wide range of solutions for individual requirements. For over 160 years, Siemens has stood for technical achievements, innovation, quality, reliability and internationality. In fiscal 2008, Siemens had revenue of €77.3 billion and a net income of €5.9 billion (IFRS). Further information is available on the Internet at: www.siemens.com.
Contact
Alexander Becker
Siemens AG
Wittelsbacherplatz 2
80333 Munich
Germany
80333 Munich
Germany
+49 (89) 636-36558