Siemens Hopes For $20B In Stimulus Orders

German industrial conglomerate expects to garner up to $20.9 billion worldwide in new orders because of more government-backed efforts aimed at reducing energy consumption.

FRANKFURT (AP) -- German industrial conglomerate Siemens AG said Monday that it expects to garner about euro15 billion ($20.9 billion) worldwide in new orders because of more government-backed orders aimed at reducing energy consumption.

Siemens said that the efforts by governments, including the U.S., to parcel out stimulus money to jolt economies back to life -- much of it earmarked for infrastructure projects emphasizing "green" technology -- would lift its order books from 2010 to 2012.

"Against the backdrop of the worst global economic crisis in decades, these government measures are at least partially cushioning, in some cases, sharp declines in private-sector demand," Siemens CEO Peter Loescher said in a statement. "They should also have a stabilizing effect on our business."

Siemens, the Munich-based maker of everything from wind turbines to trams, said that of euro15 billion ($21 billion) it hopes to glean, approximately euro6 billion ($8.31 billion) will likely come from environmental technologies.

In the U.S., Siemens said it expects orders stemming from the stimulus program to be about $8 billion. It said it has invested more than $25 billion in the U.S. in the past five years in water treatment, pollution control, medical imaging and other businesses.

Siemens shares closed down 3.4 percent at euro48.93 ($67.81) on a Frankfurt market that was lower overall.

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