Siemens to Cut 1,100 Jobs in Energy Sector
Industrial conglomerate Siemens AG says it will cut about 1,100 jobs in its energy division in Germany over the next two years amid a wider cost-cutting effort.
Siemens said Thursday the cuts will primarily affect its fossil power and the oil and gas services units which are experiencing sluggish demand. The phasing-out of its nuclear power division also plays a role.
The company says it aims to shrink the division by not filling vacancies and by assigning workers to other production units, rather than through lay-offs.
Munich-based Siemens' energy division has some 86,000 employees worldwide, with about 28,000 of them in Germany.
Siemens, a competitor to General Electric Co., produces fossil-fuel power plants, wind turbines, trains, light bulbs, health care technology and other engineering products.