Frankfurt am Main: German industrial conglomerate Siemens plans to slash thousands of jobs in its power and gas division hit by a drop in orders, a German magazine report said on Thursday.
The group intends to “close or sell” up to 11 of the unit’s 23 sites around the world, according to Manager Magazin, citing sources at the company.
“That would entail cutting thousands of jobs, including in Germany,” the monthly magazine wrote.
Some 30,000 workers are currently employed in the division, 12,000 of them in Germany, it added.
The restructuring comes as Siemens, whose products range from wind turbines to trains to medical equipment, grapples with falling demand for gas-fired power plants as countries switch to renewable energy.
In August, Siemens reported a 40 per cent plunge in new orders at its power and gas unit in the third quarter of its fiscal year.
It also complained of “volatility” in orders for offshore wind turbines. Siemens was not immediately available for comment when contacted.— AFP
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