Tag: Jobs
Siemens Will Cut Another 2,700 Jobs; GE Announces Cuts in Switzerland
Siemens on June 18 said it would cut 2,700 jobs from its Gas and Power division, on top of 10,400 positions the German engineering firm last month said it would jettison as part of cost-cutting measures.
The Siemens’ announcement comes one day after U.S.-based rival GE said it would cut 450 jobs at two of its manufacturing sites in Switzerland.
Siemens in May said it would spin off and give up its majority stake in its Gas and Power unit, which includes its power generation, transmission, oil and gas, and related services businesses. The company in that announcement, which it said is part of its Vision 2020+ strategy, also said it was transferring its 59% stake in Siemens Gamesa Renewable Energy (SGRE) to the new business.
Investors have cheered Siemens’ restructuring, with the company’s stock gaining about 9% this year.
Lisa Davis, head of the Gas and Power division, in a statement Tuesday said, “The planned measures will help us create more opportunity for growth and the security that comes from being a competitive player in the energy market.”…
Siemens Cutting 200 Jobs at Texas Service Center
Siemens on December 11 said it would lay off about 200 workers at a gas turbines parts and components service center in Houston, Texas, sometime in late 2019 or early 2020. A company spokesperson made the announcement Tuesday, saying the cuts are due to weak global demand for the company’s turbines.
Siemens in a statement said the decision was “difficult.” The company, in a letter to the Texas Workforce Commission, also said the layoffs were partly due to overcapacity within the company’s network.
Siemens in September said that it would cut 2,900 jobs in Germany to boost the competitiveness of its Power and Gas and Process Industries divisions. The company at the time said the cuts would save about $ 590 million.
Lisa Davis, member of the Managing Board of Siemens AG, in a statement at the time said, “The market for fossil power generation has contracted substantially. Against the backdrop of this structural change, the agreement we’ve reached [with the company’s unions] is critical to improving our competitiveness.”…