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.”…

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