Unlike Immelt, Kaeser wasn’t sold on the conglomerate model and was moving Siemens in the opposite direction and breaking up the company, although he would never describe it in that way. But the outcome was the same. Siemens was slowly but surely separating its businesses and keeping a stake in the new entities under a strategy Kaeser called “Fleet of Ships.” When it came to the power market that Bolze saw as ripe for harvesting, Kaeser conceded that there would be growth in the very large natural gas turbines that Bolze was touting. But he gave an ominous warning. “So there will be growth . .
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