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Siemens CEO defends turbine business restructuring: Spiegel … – Times of India

FRANKFURT (Reuters) – Siemens’ chief executive has defended the German industrial group against government accusations that its planned job cuts could encourage right-wing populism in economically weak areas of the former East Germany.

Siemens may cut thousands of jobs in an overhaul of its power and gas business, which is struggling with low demand for large gas turbines, especially in Germany where Berlin has speeded up a shift towards renewable energy.

CEO Joe Kaeser, in a letter to Economy Minister Brigitte Zypries cited by Der Spiegel magazine on Friday, said Berlin shared the blame for capacity adjustments that were now necessary as a result of Germany’s abrupt switch to renewables.

The so-called Energiewende policy had caused no…

Read the full article at: https://timesofindia.indiatimes.com/business/international-business/siemens-ceo-defends-turbine-business-restructuring-spiegel/articleshow/61498221.cms

Category: RestructuringBy Insolvency GuardianNovember 4, 2017

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Siemens CEO defends turbine business restructuring -Spiegel – Times of India

FRANKFURT, Nov 3 (Reuters) – Siemens’ chief executive has defended the German industrial group against government accusations that its planned job cuts could encourage right-wing populism in economically weak areas of the former East Germany.

Siemens may cut thousands of jobs in an overhaul of its power and gas business, which is struggling with low demand for large gas turbines, especially in Germany where Berlin has speeded up a shift towards renewable energy.

CEO Joe Kaeser, in a letter to Economy Minister Brigitte Zypries cited by Der Spiegel magazine on Friday, said Berlin shared the blame for capacity adjustments that were now necessary as a result of Germany’s abrupt switch to renewables.

The so-called Energiewende policy had ca…

Read the full article at: https://timesofindia.indiatimes.com/business/international-business/siemens-ceo-defends-turbine-business-restructuring-spiegel/articleshow/61497791.cms

Category: RestructuringBy Insolvency GuardianNovember 3, 2017

Post navigation

PreviousPrevious post:Venezuela Seeks Debt Relief, While Confusing Its Bondholders – BloombergNextNext post:Venezuela faces an uphill battle if it wants to restructure $120 billion in debt – CNBC

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July 16, 2024
Over 200 jobs saved so far this year through small business restructuring process – Irish Examiner
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