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Feb. 2, 2021, 3:45 a.m. EST

Siemens Energy to cut 7,800 jobs in its gas-and-power segment

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By Steve Goldstein

XE:ENR

Siemens Energy /zigman2/quotes/221435471/delayed XE:ENR -1.35% on Tuesday said it would cut 7,800 jobs in its gas and power division, including 3,000 in Germany and 1,700 in the U.S. "Among other things, we want to reduce procurement costs and lower non-conformance costs - the extra charges incurred in executing projects. We also want to standardize and modularize our production processes and simplify internal processes and structures," said Christian Bruch, its chief executive. Siemens Energy has 67,000 jobs in its gas and power unit worldwide. The restructuring costs of a mid-to-high, triple-digit million-euro amount from fiscal 2020 to fiscal 2023 were within the company's previously projected range, the company said.

/zigman2/quotes/221435471/delayed
XE : Germany: Xetra
24.18
-0.33 -1.35%
Volume: 3.00M
Nov. 26, 2021 6:30p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
€17.28 billion
Rev. per Employee
€312,989
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