FRANKFURT (Reuters) - German engineering group Siemens (GER:SIE) plans to dismantle its Infrastructure & Cities (I&C) division and is reviewing other businesses as part of a sweeping corporate reshuffle under new Chief Executive Joe Kaeser, a German magazine reported.
I&C was only set up by Kaeser's predecessor Peter Loescher in 2011. It bundles businesses making products ranging from security systems to power distribution systems and high-speed trains and generates an annual revenue of about 17.6 billion euros.
Manager Magazin cited sources as saying Siemens would shift I&C's businesses to other parts of the company.
It is reviewing the structure of its other three main divisions - Industry, Energy and Healthcare - and may opt for a split into a total of five to eight separate units, the magazine said in an excerpt of an article to be published on Friday.
Kaeser will announce concrete plans for a reorganisation in the European spring of 2014, and any new structure would be implemented a year from now, it said.
Siemens declined to comment on the report.
The report seemed to contradict recent statements by Kaeser,
who said earlier this month that there were no plans for further restructuring measures after the company's current 6 billion euro savings programme ends next year.
Kaeser, who took office on August 1, has vowed to put Siemens back on an "even keel" and end years of continual restructuring.
(Reporting by Maria Sheahan; Editing by Marilyn Gerlach; editing by David Evans)