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Siemens to Cut About 6,900 Jobs Worldwide in Sweeping Revamp

  • Half of reductions will come in Germany with site closures
  • German labor union IG Metall calls the plan ‘unacceptable’
Bloomberg business news

Siemens Plans Job Cuts in Power, Gas Division

Updated on

Siemens AG announced the most sweeping round of job cuts in years with a plan to eliminate about 6,900 positions worldwide and close factories, as Europe’s biggest engineering company grapples with a sharp drop in orders for power-plant equipment.

Half of the cuts will be in Germany, where Siemens is shuttering two facilities in the eastern part of the country and putting the future of others under review, the Munich-based company said in a statement on Thursday. It has said the revamp, which will affect about 2 percent of its 372,000 employees, is inevitable amid global manufacturing overcapacity for power and gas turbines.