German company Siemens is planning to increase participation in the Brazilian
motor vehicles market, according to South American Business Information (7/12/00).
According to company officer Mr Euclides Soares, Siemens will incorporate the
electronic component producer VDO do Brasil within its plans once the acquisition
of Atech Mannesmann — owner of VDO — has been concluded.
In 1999/2000 Siemens reported $R138 million net profits in Brazil, with the
market accounting for 3% of Siemens turnover estimated at $R2.5 billion between
October 1999 and September 2000.
For 2001 the company expects to increase net earnings by 14% and profitability