Siemens Says to Cut About 6,900 Jobs
Siemens plans to cut about 6,900 job in its turbines division, including related services and in large drives, the Munich-based industrial group said on Thursday. "The power generation industry is experiencing disruption of unprecedented scope and speed," Siemens management board member Lisa Davis said in a statement. "Today's action follows a nearly three-year effort to right-size the business for this changing marketplace," she added. Reporting by Georgina Prodhan and Christoph Steitz
Siemens to Cut Jobs at German Energy Ops
to say how many jobs would go because it wants to negotiate with workers first. Siemens unveiled a major corporate overhaul this year after lagging big competitors like General Electric and Philips in terms of innovation and profitability and ousting its chief executive in a boardroom battle. Lisa Davis, who was named the new head of Siemens' energy business as part of the overhaul, told a German newspaper earlier this month that the group could shut some factories because it expects low profit margins at the division in the next couple of years. Siemens, Germany's second-biggest company by