Siemens Starts New Subsidiary Aug 3, 2005

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Siemens is carving out its Customer Premises Equipment (CPE) Division into a fully owned subsidiary, as previously announced. The new legal entity Siemens Home and Office Communication Devices, based in Munich, Germany will be launched on Oct. 1, 2005, and be managed as part of the Siemens Communications Group. Paul Reitmeier and Thomas Kresser, who currently run the CPE Division, will also head the new unit, which has around 3,700 employees worldwide and a sales volume of roughly one billion euros.

Siemens Home and Office Communication Devices will focus on the design, manufacture, and distribution of the Siemens Gigaset range of cordless phones (traditional fixed line and VoIP), as well as broadband products and home media devices.
"With the new setup we can more efficiently focus on the needs of the fast-paced home networking consumer market," said Paul Reitmeier.

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