Siemens Warns of `Painful' Power Unit Revamp as Orders Sink
- CEO Kaeser is expected to announce job cuts by mid-November
- Germany’s biggest union protests outside Munich headquarters
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Siemens AG Chief Executive Officer Joe Kaeser said he’s planning sweeping cuts at the German engineering company’s power-and-gas business, setting the stage for a turnaround plan aimed at tackling weak orders and a sharp drop in profit.
The unit, which is suffering from a steady decline in demand for large turbines used in power plants, will be “reshaped and redone,” the CEO said in an interview Thursday on Bloomberg TV. “We know what needs to be done. We already have a plan we want to execute on.”