Siemens CEO's Productivity Habits Revealed
The CEO of Siemens maintains a highly efficient workflow, keeping his email inbox below 100 messages with two-letter replies and avoiding recurring meetings with direct reports.
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The CEO of Siemens maintains a highly efficient workflow, keeping his email inbox below 100 messages with two-letter replies and avoiding recurring meetings with direct reports.

Siemens board member Peter Körte discussed the technology group's strategic realignment, describing it as a growth program rather than a restructuring. He emphasized how digital technologies are increasingly defining the real world, guiding the company's future direction.
Motilal Oswal Wealth Management Research Desk has recommended Happy Forgings and Siemens Energy as top stocks to buy for the week starting August 10, 2026.
Siemens announced a record-breaking quarter, driven by robust industrial orders and increasing demand for AI-related technologies. Several other companies also reported strong financial results and raised outlooks, citing growth in various sectors including AI services and tourism.
Siemens shares have fallen after the company's Digital Industries segment reported order growth that failed to meet market expectations, impacting investor confidence.
Siemens CEO Roland Busch stated that the company is highly competitive in China, with its automation business performing exceptionally well. He also provided comments on the data center business during an interview on Bloomberg Television.
Siemens Energy reported stronger-than-expected Q3 earnings, driven by record orders fueled by the increasing demand for AI data centers.
Siemens Gamesa has reported a return to profit in the second quarter of 2026, marking its first positive results since 2022, and expects to close the year with up to a 5% increase in revenue.
Several companies, including Holcim AG, Umicore, Siemens Healthineers, NatWest, FMC, BigBear.ai, Pembina Pipeline, Reddit, Exponent, GoDaddy, SPS Commerce, and HNI, have released their latest financial results and updated or upgraded their outlooks for fiscal year 2026. These updates include revised EPS, revenue, and cash flow forecasts, with some companies also highlighting AI-related growth and synergy targets.

A German article details the radical restructuring and 'breakup' of Siemens, initiated by a new CEO to transform the company from a large, stagnant industrial conglomerate.

The CEOs of Deutsche Bank and Siemens have given a positive assessment of the "Made for Germany" location initiative after one year, while researchers have criticized its lack of transparency.
A Chinese company, seen as a competitor to Siemens, is reportedly looking to acquire businesses in Europe as part of its strategy to expand into the European market.

Swiss engineering giant ABB has announced its largest-ever acquisition, purchasing UK-based engineering group Rotork for £4.1 billion (approximately $5.5 billion). This strategic move aims to expand ABB's automation offerings and strengthen its position in the market.

Bosch-Siemens-Hausgeräte (BSH) is looking for a buyer for its Bretten plant in Baden, Germany, intending to divest the production of extractor hoods while maintaining the plant as an anchor customer, though it will proceed with the closure of its oven factory.

FuelCell Energy's stock surged following the announcement of a partnership with Siemens, aimed at developing distributed power solutions.

Siemens announced the creation of 700 new jobs in Offenbach and Frankfurt, Germany, driven by high demand for AI-related production of switchgear, reflecting the company's response to the growing market for artificial intelligence technologies.
The Agency for Restoration and Siemens Ukraine signed a Memorandum of Understanding during the Ukraine Recovery Conference 2026, aiming to promote the development of modern and resilient critical infrastructure in Ukraine.
Jim Cramer highlighted the partnership between Siemens and Xometry, calling it a significant endorsement for Xometry.

Siemens Energy is reportedly under profitability pressure and is evaluating the potential spin-off of its industrial solutions division, which has performed well recently.
Siemens Energy has been selected to supply turbines for the 2.6GW Taweelah C power plant project, a significant development in the energy sector.

Jim Hagemann Snabe, an EU AI advisor, is facing renewed criticism due to his reported ownership of over four million dollars in shares of an AI company, prompting NGOs to demand the withdrawal of his nomination.

Jim Hagemann Snabe, the newly appointed EU special envoy for Artificial Intelligence, is facing criticism from MEPs and activists due to a potential conflict of interest stemming from his role as chairman of Siemens' supervisory board.

Hewlett Packard Enterprise (HPE) shares surged over 30% after the company reported its biggest earnings beat since 2018 and issued a strong guidance, driven by booming demand for AI infrastructure. HPE now expects to achieve its 2028 financial targets this year, significantly accelerating its growth projections.

The demolition of the 80-meter-high Siemens building complex at Kaiserlei in Offenbach, Germany, has commenced after standing vacant for over 20 years and as a skeleton for five and a half years, with plans for 1200 new apartments by 2030.
A Croatian journalist has been awarded the Siemens Media Award 2026 during a ceremony held in Budapest, recognizing excellence in media.

A six-month appeal of a public procurement tender has blocked the maintenance of Siemens trains, which serve nearly 50% of Bulgaria's railway lines, prompting urgent checks by the Bulgarian State Railways (BDZ) and comments from the Transport Minister on wagon shortages.

Mark Schneider, who previously faced challenges at Nestlé, is slated to become the chairman of the supervisory board for Siemens, poised to control Germany's most valuable corporation.

The US Senate has confirmed Kevin Warsh as the new chairman of the Federal Reserve, following his nomination by President Donald Trump. Warsh will now lead the nation's central bank.
The Nigerian government, under the Presidential Power Initiative, has launched a new program with Siemens to train 6,000 energy professionals.

Siemens is reportedly close to acquiring the Italian rail technology company Mer Mec in a deal valued at approximately €1 billion. This potential acquisition is among several significant company movements observed in premarket trading.
Siemens Energy is accelerating its share buyback program this year, driven by the booming demand from the data center industry.

The 56-year-old Viennese woman is taking on a top position at Siemens Healthineers, a DAX-listed company.

The Serbian Chamber of Commerce (PKS), in collaboration with Siemens and the 'Engineer of the Year' association, has selected 10 finalists for the 'Engineer of the Year' award, with one winner to be chosen in June.
Siemens Healthineers AG announced its financial results for the second quarter.

Swiss Federal Railways (SBB) and Siemens have signed a 2 billion franc contract for the delivery of new double-decker trains, with the German manufacturer commenting on the project.

Romania's Railway Reform Authority (ARF) has signed a contract with Siemens Mobility for the acquisition of 12 hydrogen-powered electric trains. The deal is valued at over 1.134 billion lei (approximately 229.3 million euros) without VAT.
Tata Consultancy Services (TCS) and Siemens Energy have officially formed a strategic partnership, with a primary focus on advancing artificial intelligence technologies and applications.

Intel exceeded Wall Street expectations despite a billion-dollar loss amidst the AI boom. Other business news includes SAP anticipating weaker growth, Meta cutting ten percent of its workforce, Siemens Energy raising its annual targets due to strong market demand, and Kühne + Nagel revising its forecast.
Several German companies, notably Siemens, are planning new investments totaling US $133 million in Querétaro, Mexico.

Technology group Siemens is equipping German-Australian operator Vulcan Energy with technology and participating in the financing of a 2.2 billion Euro lithium mining project in the Upper Rhine Graben.

Executives from prominent companies including MOL, Richter, and Siemens Energy are confirmed to attend the G7 Paradigma conference in April to review the current situation.
Siemens intends to hold a shareholder vote in February 2027 regarding the proposed spin-off of its stake in Siemens Healthineers.

The Ghana Grid Company (GRIDCo) has successfully installed and commissioned a new 120/145MVA Siemens Energy power transformer at its Afienya Substation.

Swiss train manufacturer Stadler has withdrawn its complaint against a multi-billion franc order from SBB awarded to Siemens, accusing the Federal Administrative Court of injustice.
Siemens Energy's factory in Budapest plans to lay off approximately 150 employees, nearly a third of its workforce, by the end of the year, though the company states Hungary remains an important location.

A new Siemens study indicates that industrial companies are actively investing in electrifying production to meet decarbonization goals, but inadequate electricity grids are impeding their progress.
The CEO of Siemens Healthineers sees significant opportunities in China's evolving healthcare landscape, aligning the company's strategy with the nation's healthcare shift.

Home appliance manufacturer Bosch-Siemens Home Appliances (BSH) has confirmed its intention to close factories in Bretten and Nauen, Germany, including its traditional oven plant in Bretten, despite prior modernization efforts, citing declining demand and significant local impact.
Roland Busch, CEO of Siemens, Europe's largest engineering company, has cautioned the European Commission that delaying AI adoption to build sovereign infrastructure could stifle innovation and cause the region to fall further behind.

The European Patent Office (EPO) has recorded over 200,000 patent applications for the first time, with Germany ranking second behind the USA and companies like Siemens and BASF among the top ten.

Starting that his company’s growth plans were in line, Sunil Mathur said the strategy was to double the volume in India within five years.
Siemens Energy has declared a share buyback program valued at EUR 2 billion, aiming to return capital to shareholders and potentially boost share value.
Stock market recommendations: Siemens Energy, and Polycab are Motilal Oswal Financial Services Ltd’s top stock recommendations for this week starting March 2, 2026. Below is the rationale and target prices:

German Chancellor Merz is on an inaugural visit to Beijing, where China plans to purchase 120 Airbus aircraft. His visit continues with a stop at Siemens.
Rosatom has reportedly dismissed Siemens Energy as a contributor to the Hungarian Paks II nuclear power plant project, according to Politico.
Siemens Energy India shares rose by 2%, driven by positive market sentiment. This upward movement indicates investor confidence in the company's performance and future outlook.

Twenty years after a major corruption affair, a Munich court rejected a damages claim of millions of euros against Siemens by the former Greek state-owned company OTE, closing one of the last chapters for the German conglomerate.
Amazon is reportedly financing a massive gas power plant in Texas. This development is part of broader business news, which also includes Berkshire Hathaway's increased profit and share buybacks, Nvidia's planned billion-dollar deal, a calming US labor market, and Siemens' US investments.
Siemens has raised its outlook for its Smart Infrastructure division due to data center demand boosting profit and orders. However, the company's stock fell after its Digital Industries segment tempered its guidance lift, indicating mixed financial performance.

Siemens announced record order intake and backlog, and raised its profit forecast, yet its stock price fell by six percent, indicating investor dissatisfaction despite strong performance.
Siemens' stock shares experienced a significant drop after the company's guidance raise was perceived as disappointing by investors.

Siemens Energy is continuing its record-breaking performance, with strong orders suggesting it may reach the top end of its outlook range. The energy technology group is experiencing sustained growth and demand.

Astellas Pharma reported GAAP EPS of ¥78.96 and revenue of ¥640.91B, reaffirming its FY 2027 outlook. Siemens Energy AG also reaffirmed its FY2026 outlook after reporting GAAP EPS of €1.26 and revenue of €11.45B.

Romanian railways have awarded a EUR 300 million contract for modernisation to a consortium led by Siemens Mobility, marking a significant infrastructure development.

JPMorgan analysts argue that the significant drop in Siemens Energy's stock price, following a weak outlook from peer GE Vernova, is not justified.

Executives from major German companies like Siemens and Deutsche Bank plan to invest 800 billion Euros in Germany, praising the Merz government's reform plans while also demanding further improvements.
Siemens Energy has announced plans to shed the Siemens name and rebrand itself as Omterra.

FuelCell Energy's stock surged after UBS upgraded the company, citing new agreements with FIT Energy and Siemens as key drivers for the positive outlook.
Companies such as DoorDash, Siemens, and Airbnb are turning to Chinese AI models to curb ballooning costs and reduce their reliance on US technology providers.

GE Vernova's stock has fallen, leading other power generation equipment stocks lower, after Siemens Energy received a downgrade. This market reaction reflects concerns within the energy sector.

Siemens is investing in Frankfurt and Offenbach, expanding its factories in the Rhein-Main area. This decision by the global corporation strengthens the region's position as an industrial hub.

Ingolf Dalferth opened a lecture series by the Siemens Foundation with the thesis that Christian hope, as trust in God, is not a mere case but a distinct form of hoping, only partially understood by Jürgen Habermas.
Siemens anticipates a significant increase in sales from its industrial app store, projecting a doubling of figures as part of its broader technology expansion strategy.

German shipyards, after years of crisis, are hopeful following a billion-euro contract awarded to Neptun Smulders and Siemens Energy to build an offshore platform for bringing wind power to land, potentially creating up to 500 jobs.

Das Unternehmen steht an der Börse unter Druck. Doch schon jetzt über die Zukunft der Windkraft nachzudenken, kann sich später als großer Fehler herausstellen.

Siemens is leading the way in rail manufacturing with the introduction of new locomotives that heavily rely on software and artificial intelligence. The advanced trains even feature an app store.
Fluence Energy (FLNC) has announced a collaboration with Siemens and Nvidia to develop advanced AI data centers.
Hallador has announced its intention to purchase Siemens turbines from EWC in a deal valued at $350 million.

Sofia Tenreiro, CEO of Siemens Portugal, emphasized the transformative potential of industrial artificial intelligence for making Portuguese industry more productive, autonomous, and competitive.

Siemens Energy's stock price is experiencing a significant surge, driven by the artificial intelligence boom which has led to record orders and a potential turnaround for its Gamesa subsidiary.

Στο Συνέδριο του Radiological Society of North America (RSNA) του 2025, η Siemens Healthineers παρουσίασε τη νέα σειρά επεμβατικών συστημάτων Artis genio, Artis icono.explore, Artis icono.vision και…

Siemens has announced the acquisition of Mermec, an Italian provider specializing in railway technology.

Several companies, including LogicMark, NKT A/S, and Intuitive Machines, have released or previewed their quarterly financial results. These reports detail earnings per share, revenue, and provide transcripts or summaries of earnings calls for Q1 2026, Q1 2025, and Q2 2025.

Siemens is experiencing growth driven by its robust digital business and high demand from data centers, though a strong Euro is offsetting some of these gains, according to the company's board.
Siemens is reportedly exploring the acquisition of Mer Mec, a rail technology company, according to sources familiar with the matter.
Siemens Energy AG announced GAAP EPS of €0.89 and revenue of €10.29 billion, leading the company to raise its financial year 2026 outlook.
This article provides key highlights from Siemens Healthineers' second-quarter earnings call.

Romania's railway system is upgrading with the purchase of a dozen Siemens hydrogen trains. These trains are intended for use on non-electrified lines across the country.
Siemens, Diageo, Oxbo, and several other companies have announced the opening of new facilities across the United States during the month of April.

Siemens relies on AI in training – and on knowledge of democracy. At the training center, VfGH President Christoph Grabenwarter explains the role of fundamental rights in everyday life.

A new book by Daniel Siemens tells the story of Fred Stein, a photographer who captured over 1200 portraits of figures like Einstein and Arendt, yet whose name was largely forgotten after his death in 1967.
Siemens Energy announced an increase in its full-year guidance after reporting a strong financial quarter.
Analysts Conflicted on These Industrial Goods Names: Owens Corning (OC), Siemens Energy (OtherSMEGF) and Paccar (PCAR) The Globe and Mail
Siemens is shifting its AI investments to the USA, citing EU regulations as the reason for not investing in Europe.
Siemens announced plans to hold a shareholder vote in February 2027 regarding the spin-off of its stake in Siemens Healthineers. This strategic move aims to restructure the company's holdings.

Siemens has secured a contract worth 1.61 billion lei to supply 12 hydrogen trains to Romania, although the funding source for the project is yet to be confirmed.

After two decades of inactivity, work is set to begin in May on the demolition of the Siemens towers in Offenbach, with the Frankfurt housing group ABG providing details.

Stadler has withdrawn its legal complaint against the SBB's decision to award a contract to Siemens, citing a lack of transparency in the court documents.

Siemens Energy is implementing a 30% cost-saving program, which will result in over a hundred employees being laid off at its Csepel facility in Hungary.

Iatropolis Group has entered into a strategic partnership with Siemens Healthineers, aiming to enhance the provision of holistic medical technology solutions in Greece.
Siemens Healthineers has indicated larger foreign exchange and tariff headwinds in its Q2 pre-close update, while reiterating its overall outlook.

Iatropolis Group and Siemens Healthineers have signed an 8-year technology cooperation agreement focused on precision medicine and innovative digital health solutions to improve clinical outcomes.
Siemens and Alibaba have teamed up to advance industrial AI, with Alibaba's Joe Tsai also discussing the evolving market for agentic AI.
Roland Busch, CEO of Siemens, cautioned that Europe risks a "disaster" by prioritizing AI independence, arguing it could throttle innovation speed.
Palo Alto Networks is broadening its industrial 5G security capabilities through a new collaboration with Siemens.
Siemens and Rock Tech Lithium have announced a partnership to develop a lithium hydroxide plant in Ontario, Canada, focusing on sustainable battery materials.

German Chancellor Friedrich Merz arrived in Beijing on 24 February for a two day visit focused on trade, Ukraine and shifting global power balances. He travelled with more than 30 senior executives from Volkswagen, BMW, Siemens and Airbus. The trip marked his first to China since taking office in May 2025 and came amid strain in transatlantic trade relations.

A momentum screen highlights Siemens Energy, Bayer, and Santander as strong-performing stocks, suggesting potential gains for investors, particularly those betting on economic recovery and artificial intelligence.
Siemens CEO Roland Busch, 61, details his daily routine, including replying to most emails with two-letter responses and avoiding recurring meetings, to maximize productivity.
SBM Offshore has chosen Siemens Energy to supply electrical equipment for its floating production storage and offloading (FPSO) vessels in Brazil's Sergipe-Alagoas basin.
Siemens has raised its financial outlook after experiencing a significant increase in orders for data centers.
Siemens' stock has dropped by 6% after its Digital Industries division tempered its guidance lift, impacting investor outlook.
Siemens Aktiengesellschaft has announced the key highlights from its third-quarter earnings call, detailing its financial performance and strategic initiatives.
Siemens AG has raised its earnings expectations for the second time this year, driven by a surge in data center spending and increased returns from its industrial software sales.

The German stock index DAX reached another record high on Wednesday, with shares of companies like Siemens Energy and Fresenius showing significant gains.
Mirae Asset ShareKhan's Head of Retail Research, Somil Mehta, has provided top stock recommendations for August 4, 2026, including Honasa Consumer, Gland Pharma, Bata India, and Siemens.

A historical account details a 3 million mark dinner where prominent German industrialists, including representatives from Krupp, Opel, and Siemens, allegedly provided financial support to Adolf Hitler. The event reportedly took place before February 20, 1933.

Czech Railways (ČD) has canceled a tender for up to 90 new wagons capable of 230 kilometers per hour, a contract estimated at around eight billion Czech crowns. The decision came after only one bid was submitted by a consortium led by Siemens Mobility.

Italian train operator Italo has placed a multi-billion euro order with Siemens for 26 high-speed trains, a move that follows regulatory approval for its entry into Germany's long-distance network and is expected to create thousands of jobs.

After years of dispute, Berlin's S-Bahn will acquire hundreds of new trains from Stadler and Siemens, with deliveries expected to begin in 2032.

Siemens Energy is set to undergo a significant rebranding, changing its name to 'Omterra'. This strategic move will see the energy technology group adopt a new identity.

Siemens Healthineers Greece has been certified as a Great Place to Work for the third consecutive year, reaffirming its commitment to its employees.

The 100 most valuable listed companies globally significantly increased their value in the first half of the year, largely fueled by the artificial intelligence boom, with growing US dominance and only Siemens representing Germany in the top 100.
Siemens Energy has secured a contract to supply technology for the construction of two new power plants in Oman.

A top executive at Siemens stated that South Korea's robust manufacturing sectors and the vast amounts of data generated by its factories represent a unique 'AI treasure' for shaping the future of artificial intelligence.

Siemens Energy is reportedly considering a spinoff of its industrial turbines unit, according to a recent report.

Jordi Savall, the 2026 Ernst von Siemens Music Prize laureate, shared insights from his global experiences, including learning about Robert Schumann in India and Mozart in Turkey, and mentioned a musician who healed illnesses with an instrument.

Siemens Energy CEO Christian Bruch urged the German government to accelerate the construction of new gas power plants, expressing no concerns about overcapacity despite recent stock market sentiment.
Adif and the Generalitat have accused Siemens of being responsible for failures in the Rodalies control center, which led to network paralysis during a critical day for mobility in Barcelona.

The Greek Council of State has overturned a decision by the Hellenic Police to cease protection measures for the former secretary of a key Siemens executive. This ruling reinstates the protective measures for the individual.
Fluence Energy (FLNC) stock has skyrocketed following the announcement of new partnerships with technology giants Nvidia and Siemens. This collaboration is expected to significantly boost the company's market position.
Spearmint Energy has secured $450 million in financing for its Texas Battery Energy Storage System (BESS) project. Siemens Energy will provide equipment and services for the Mai-Liao project, supporting the expansion of energy infrastructure.
Ukraine's First Deputy Prime Minister and Minister of Energy Denys Shmyhal, along with Siemens Energy CEO Christian Bruch, visited an energy facility in Kyiv.
Siemens Launches New $7 Billion Share Buyback Program WSJ
Vito Pertosa, founder of Angelo Holding, has signed an agreement to sell a portion of Mer Mec, specifically its diagnostic business, to Siemens. This transaction involves the Puglia-based industrialist and affects the railway sector.

Siemens has announced a new share repurchase program totaling €6 billion, following a period of rising orders. The company plans to buy back its shares against a challenging economic backdrop.
Siemens Aktiengesellschaft conducted its Q2 earnings call, outlining its financial results and operational achievements for the quarter. The report provides key takeaways from the industrial manufacturing giant's performance.
Siemens Energy has increased its financial outlook for fiscal year 2026, driven by a significant surge in new orders.
Siemens has achieved a significant win concerning the European Union's initiative to streamline regulations for industrial artificial intelligence.

A German business ticker provided updates on various economic news, including a surprising number of new industrial orders despite the Iran war, Commerzbank's works council rejecting a Unicredit offer, slight sales increase for Würth, and Siemens Healthineers lowering expectations.
Siemens Healthineers has trimmed its financial outlook, citing the impact of China's policies on its revenue.

The works council at Bosch-Siemens Home Appliances has submitted a plan to save jobs and continue production at the Bretten stove factory, while hopes for the washing machine factory in Nauen have diminished.

Romania's Railway Reform Authority has chosen Siemens to supply a fleet of hydrogen-powered trains, marking a step towards greener transportation.
Siemens has been awarded a $390 million contract to work on the Fulton-Liberty subway lines in New York City, enhancing its presence in urban infrastructure projects.

Energy technology group Siemens Energy is becoming more optimistic about its current fiscal year, as the expansion of artificial intelligence is boosting profits and driving up its stock price.

Siemens has announced plans to construct a new carbon-neutral digital factory in Sibiu, Romania, marking a significant investment in the region.

US-Iran negotiations are marked by President Trump's threats of military action if a deal isn't reached, while Iran sends mixed signals due to internal divisions. Regional states and international bodies express concerns, including for freedom of navigation in the Strait of Hormuz.

Venezuela is in discussions with Siemens and General Electric to enhance its electrical grid, a critical step for its oil industry which requires significant investment and reliable power.

The Romanian railway authority is actively seeking financing to acquire 12 new hydrogen-powered trains from Siemens.

German technology conglomerate Siemens finds its focus on decarbonization and circular economy to be economically beneficial, even as these topics recede from the public spotlight.

Germany's well-known literary critic Denis Scheck has once again disparaged bestselling author Ildikó von Kürthy on his show "Druckfrisch." She and her fans are now fighting back against his repeated criticism.
The Zacks Value Trader report has highlighted BorgWarner, Siemens Energy, and Wabtec as companies of interest, likely due to their perceived value in the current market.
Goldman Sachs has adjusted its price target for Siemens, lowering it to EUR 245 from the previous EUR 286.

Siemens is developing a new generation of smoke detectors in a Swiss laboratory, aiming for earlier fire detection and fewer false alarms through realistic testing conditions.
Several major companies, including Hyundai Translead, Siemens, and Fanuc, have announced plans for expansion within the United States, signaling growth in various industrial and technological sectors.

Bosch-Siemens Home Appliances is set to close its historic oven factory in Bretten, Baden, a move described as a financial, emotional, and historical catastrophe for the city, highlighting broader industrial challenges in Germany.
Siemens asserts that the specific demands of its industry provide a safeguard against significant disruption from artificial intelligence, suggesting its business model is resilient to AI's transformative effects.

Railway manufacturers Stadler and Siemens are fiercely competing for a major contract for the Zurich S-Bahn, even as they collaborate on other significant projects.

Dr. Koerte, a board member of Siemens AG, emphasized India's crucial role as a leader in the global artificial intelligence transformation.

Sabrina Reeh, a portfolio manager at DWS, shares her investment strategy, highlighting the benefits of AI for European companies and her expectation of an economic recovery in Germany. Her portfolio includes Siemens Energy, financial stocks, and a semiconductor manufacturer, while she avoids auto stocks.

Schneider Electric is experiencing significant growth and high investor confidence due to the boom in data centers, largely driven by artificial intelligence. The company's CEO reports no negative imp
Rosatom has removed Siemens Energy as a contributor to a Hungarian power plant project.