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Siemens in 2nd round of job cuts worldwide
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GERMANY’S Siemens will likely cut 4,500 jobs worldwide as it seeks to improve profitability in its structural reorganization, bringing the total reduction announced so far to 12,300 jobs.
The second wave of job cuts this year may see 2,200 positions abolished in Germany. This latest cut comes after Siemens announced in February the shedding of 7,800 jobs worldwide — including 2,900 in Germany — to streamline administrative functions.
Meanwhile, Siemens’ strategic realignment will see the company combining sales activities and making additional investments of around 100 million euros (US$113 million) in research and development of the Power and Gas Division. The company also plans to optimize the division’s portfolio structure and improve its cost position.
These measures are needed amid the persistently difficult environment in the global power generation market. The division faces regulatory changes, massive price erosion, aggressive competitors and regional overcapacities, Siemens said.
The German conglomerate has also said it would restructure low-margin businesses toward achieving its Vision 2020 goal, which began at the start of the current fiscal year on October 1, 2014.
The vision’s key aims are to orient the company toward the growing demand for electrification, automation and digitalization.
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