Siemens has announced it will cut 6,900 jobs, about half of them in Germany, over the next “several years” as the company consolidates its three power-related divisions. The November 16 announcement comes just days after U.S. power giant GE announced its own restructuring plan.

Lisa Davis, a member of Siemens managing board, said in a statement “The power generation industry is experiencing disruption of unprecedented scope and speed,” necessitating changes to the company’s operations.

Siemens CEO Joe Kaeser had mostly confirmed the restructuring plan last week, saying it would be “painful,” after reports surfaced in October that the company would likely cut jobs, close some units, and sell others as it downsized its Power and Gas Division. According to the company’s 2016 annual report, its Power and Gas business employs 48,700 workers and accounts for about 20% of the company’s revenue.

Janina Kugel, head of the company’s human resources department, in a statement said “The cuts are necessary to ensure that our expertise in power-plant technology, generators and large electrical motors stays competitive over the long term.”…

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