Global Business in Iran Database
In-depth metrics and analysis of Iran's international economic partnerships.
Siemens AG to Halt Business in Iran
description
German engineering giant Siemens AG announced that it will not accept any new business in Iran from mid-2010 onwards. At the annual shareholder's meeting in Munich on 26 January 2010, CEO Peter Loescher said that Siemens will honor its existing contracts, but halt business once those obligations have been fulfilled. Siemens is under investigation by German authorities following the interception of turbocompressors and electronic control systems by German and British authorities in late 2009. Siemens business in Iran accounts for 0.7 percent of revenues, or some $703.6 million according to Reuters.
- Country: Germany
- Contractor: Siemens AG
- Amount (Current Dollar Value): 500 million euros
Status
- Current Status:
- Discussion Date: Wed, 2010-01-27
- Contract Date:
- Completion Date:
Citation
1. "No more business with Iran, Siemens says", Der Spiegel, 27 January 2010, available at http://www.spiegel.de/international/world/0,1518,674320,00.html.
2. "German firms in no rush to follow Siemens Iran exit" Reuters, 27 January 2010, available at http://www.reuters.com/article/idUSLDE60Q13020100127?type=marketsNews.
All projects by Siemens AG
Country |
Contractor | Project Name | Amount (Current Dollar Value) | Last Action | Status | ||
|---|---|---|---|---|---|---|---|
| Siemens AG | Lordegan Petrochemical Complex | $490 million |
04/13/10 |
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| Siemens AG | Siemens AG, Turbocompressors | $23 million |
01/27/10 |
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| Siemens AG | Siemens AG, Teleperm Control Systems | $23 million |
01/27/10 |
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| Siemens AG | Siemens AG to Halt Business in Iran | $703 million |
01/27/10 |
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