Siemens Welcomes New CEO of Compression and Solutions

- Siemens Welcomes New CEO of Compression and Solutions

Friday, August 19, 2011
Siemens

Terrance N. Ivers, 53, new CEO of the Compression and Solutions Business Unit of the Oil & Gas Division effective August 1, 2011, has succeeded Donald Weir, who has decided to leave Siemens. Since 2007 Ivers was the president of Amec Paragon, an international project management company and service provider to the upstream and midstream (especially pipeline) industries.

Ivers is a mechanical engineer and began his career at KBR, a leading international supplier for the oil and gas industry. At KBR he held a number of managerial positions in the fields of pipelines and offshore engineering where he gained outstanding experience in the oil and gas business. From 2004 to 2007, Ivers served as Chief Operating Officer for Alliance Wood Group Engineering.

"We would like to thank Donald Weir for his achievements for our company," said Tom Blades, CEO of the Oil & Gas Division. The Compression and Solutions Business Unit offers products and solutions for the oil and gas market. "With his extensive experience, deep understanding and broad network in the oil and gas industry, Terrance Ivers is the right person to further advance and develop our business," added Blades. Ivers will be based in Houston, Texas, one of the most important centers for the oil and gas sector. Activities in Houston significantly influence both the local U.S. market as well as international business.?

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Arbitration Tribunal Orders Siemens To Pay Areva $927 Million

- Arbitration Tribunal Orders Siemens To Pay Areva $927 Million



May 20, 2011

Siemens AG (NYSE:SI) has been ordered by an arbitration tribunal to pay $927 million to French state-controlled company Areva SA, finding the Munich, Germany based company failed to meet contractual obligations in a nuclear joint venture it exited earlier this year.

The payment, plus interest, will be recorded in Siemens' fiscal Q3 ending in June. Siemens sold its stake in the joint venture to Areva in March for a pretax gain of $2.17 billion.

The French joint venture, previously called Framatome, was the world's biggest maker of nuclear reactors and when it was created a decade ago when Areva and Siemens merged their nuclear reactor businesses in France, Germany and the U.S.

Shares of Siemens are trading down 2.94% at $130.76.

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