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
At its fossil division, Siemens aims to reduce its business
with steam power plant solutions and non-nuclear components for
The job cuts add to the 800 job reductions at the power
transmission unit announced last week.
Dow Jones Newswires