Siemens aims for profits in the US by 2004

Siemens says around a quarter of its 100 business activities in the US are posting losses.

But the company says its US operations will be profitable by 2004 at the latest.

A Siemens spokesman says the management board will meet in February to discuss possible new measures to bring the US back into the black.

The spokesman made no comment on what measures could be implemented.

The German newspaper Handelsblatt claims that chairman Heinrich von Pierer mentioned the possibility of shifting operations to Mexico in a bid to cut costs.

The Siemens spokesman says 40% of the group's businesses are facing a tough year ahead.