FRANKFURT (Reuters) – Siemens (SIEGn.DE) is planning further cost cuts at its Power & Gas division that will likely result in thousands of job cuts, a person familiar with the matter told Reuters on Thursday.
Various scenarios are being considered, the person said, adding details of the overhaul were still to be determined.
The Power and Gas business is struggling with lower worldwide demand for the large electricity generating turbines that Siemens specializes in.
The company reported a 41 percent drop in orders and a worse than expected 23 percent fall in profits in its fiscal third quarter that ended in June.
In light of the dramatic changes seen across the global fossil power market, new cost-cutting measures are required in our view…
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