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Siemens to cut jobs in German energy sector, cites weak compressor orders

12.20.2012  | 

Siemens said last week that it expects the company's energy business to account for more than half of its announced goal of cutting $7.8 billion in costs by 2014. Siemens will adjust capacities at its manufacturing of turbo compressors due to weak order intake at the oil and gas division.

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By URSULA QUASS

MUNICH -- Industrial conglomerate Siemens AG will cut an additional 1,100 jobs at its energy sector in Germany by 2014, a spokesman said Thursday.

Three quarters of the job cuts will be carried out in the fossil power generation division, which has 10,400 employees in Germany, and the remaining one quarter at the oil and gas division, which has 3,200 employees in Siemens' home country. Several German plants will be affected, he said.

The announcement doesn't come as a surprise after Siemens said last week that it expects the company's energy business to account for more than half of its announced goal of cutting six billion euros ($7.8 billion) in costs by 2014.

Siemens will adjust capacities at its manufacturing of turbo compressors due to weak order intake at the oil and gas division, according to the spokesman. The division had to book a EUR275 million charge related to Iran in the past quarter.

At its fossil division, Siemens aims to reduce its business with steam power plant solutions and non-nuclear components for nuclear plants.

The job cuts add to the 800 job reductions at the power transmission unit announced last week.


Dow Jones Newswires



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