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German giant Siemens to cut 6 900 jobs worldwide

Siemens is to cut around 6,900 jobs mainly at its power and gas division.

German giant Siemens to cut 6 900 jobs worldwide

German industrial giant Siemens plans to cut 6,900 jobs globally as part of a larger restructuring of its power division, the company reported om November 16, 2017.

It is understood most of the cuts will take place before the year 2020. Around half of the job cuts will take place in Germany.

The power and gas division has reportedly seen a drop off in the supply of large gas turbines for electricity generation – a once key market for the company.

However in recent years, more and more companies are looking to increase solar and wind capacity – leaving this once thriving business now failing.

«The power generation industry is experiencing disruption of unprecedented scope and speed. With their innovative strength and rapidly expanding generation capacity, renewables are putting other forms of power generation under increasing pressure. Today’s action follows a nearly 3-year effort to right-size the business for this changing marketplace,» said Lisa Davis, member of the managing board of Siemens AG.

According to the plans presented to the employee representatives, a total of around 6,900 jobs worldwide are to be cut in the affected divisions over a period of several years.

Global demand for large gas turbines – generating more than 100 megawatts – has fallen drastically and is expected to level out at around 110 turbines a year.

Outside Germany, the restructuring measures will eliminate a total of just over 1,100 jobs in European countries.

In countries outside Europe, another 2,500 jobs will be affected, including 1,800 jobs in the consolidation of production facilities and administrative functions in the US.

To read the news in Russian.

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