This paper describes how product line engineering practices are being used in Siemens to better plan and manage global development projects. Software products are growing in complexity and the development organizations to implement new features are also growing in staff size. An approach is summarized to decompose large-scale requirements into a well-structured set of software components that can be developed in parallel among globally distributed development teams. The approach applies best practices of software requirements engineering including business object modeling coupled with product line architecture design. Agile development processes are exploited so that a collection of small, distributed application component development teams are controlled by a central organization. It is expected that the approach will result in substantial time-to-market and productivity improvements by application of modern industrial practices in the areas of requirements, design, and organization patterns.