Siemens Gamesa Renewable Energy SA /zigman2/quotes/205820667/delayed ES:SGRE -0.03% /zigman2/quotes/205192612/delayed UK:0H4N -0.03% /zigman2/quotes/206120456/delayed XE:GTQ1 -0.03% /zigman2/quotes/207159904/delayed GCTAY +0.82% /zigman2/quotes/203261696/delayed GCTAF +0.27% said Thursday it will lay off 2,900 people as the wind turbine maker takes steps to return to a profit in 2024. The company currently lists 27,000 employees on its website. The staff reductions include 800 employees in Denmark, 300 in Germany, 474 in Spain and 50 in the U.K., with further cuts planned in other countries. Siemens Gamesa CEO Jochen Eickholt told Reuters on Tuesday that the company is working to stabilize is 5.X onshore wind turbine production, which has faced higher logistics and metals costs. U.S.-listed shares of Siemens Gamesa are down 28% in 2022, compared to a 22% drop by the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.09% .