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News Summary: Siemens fiscal 4Q profit dips

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The Associated Press | November 8, 2012 12:22 PM EST | AP


THE RESULTS: Siemens reported a 2 percent decline in fiscal fourth-quarter net profits from continuing operations to (EURO)1.48 billion ($1.89 billion). Results were weighed down by (EURO)327 million in charges related to its oil and gas business in Iran due to new U.S. and European Union trade sanctions.

THE OUTLOOK: The German industrial conglomerate unveiled a cost-cutting program and productivity push aimed at increasing competitiveness and saving (EURO)6 billion by 2014.

THE DEAL: Siemens said it was acquiring for about (EURO)680 million LMS International NV, a Belgium-based company that produces simulation software used for testing vehicles, aircraft and other complex products.