German engineering group Siemens' new chief executive Joe Kaeser said an annual sales target of 100 billion euros ($135 billion) set under his predecessor, had been abandoned for good.
"If it helps market confidence, then I declare the 100 billion euro goal formally to be dissolved, but I believe that has already been anticipated for some time," Kaeser told analysts after the company published quarterly financial results on Thursday.
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Kaeser said Siemens would still strive for growth but "growth is only good if it comes with value, profitability and content", he said.
($1 = 0.7392 euros)
(Reporting by Maria Sheahan)