Siemens to cut 6,900 jobs
Industrial manufacturing giant Siemens is cutting 6,900 jobs worldwide – almost 2% of its 370,000 strong global workforce.
Around half of the cuts will affect workers in Germany, while another 1,800 jobs will be lost in the US.
The restructuring is a response to the shifting landscapes in the energy and commodity sectors. It is reported that almost 90% of the losses will affect the company’s Power and Gas division, which has been impacted by the rise of renewable energy – particularly solar and wind.
These cuts are expected to kick in by 2020.
"The power generation industry is experiencing disruption of unprecedented scope and speed. With their innovative strength and rapidly expanding generation capacity, renewables are putting other forms of power generation under increasing pressure," said board member Lisa Davis, speaking to Reuters.
Siemens still has 3,200 vacant positions, and plans to channel as many of the affected employees into these as possible.
Meanwhile, in Spain, the Siemens-owned Siemens Gamesa will be cutting another 6,000 jobs – almost a quarter of its workforce.
Almost 2,000 Siemens employees across Germany have protested the cuts, calling for the company to revise its plans and strike a fair deal with affected workers.