Siemens rebuts reports of job cuts

Siemens Power Generation has said a report claiming that 20,000 jobs are to be cut within the framework of the implementation of our Vision 2020+ company strategy is completely unfounded. In a statement on August 24, Siemens Power Generation said: "We do not follow the reasoning behind the figures named in the magazine article. No statements of this kind were made."

"Within the Vision 2020+ framework, Siemens is setting the course for long-term value creation through accelerated growth and stronger profitability with a simplified and leaner company structure. The main aim of the Vision 2020+ company strategy is to give Siemens' individual businesses significantly more entrepreneurial freedom under the strong Siemens brand in order to sharpen their focus on their respective markets. Plans also call for strengthening the company's growth portfolio through investments in new growth fields such as IoT integration services, distributed energy management and infrastructure solutions for electric mobility.

As a result, both the annual revenue growth rate and the profit margin of the company's Industrial Business are expected to increase by two percentage points over the medium term. In addition, efficiency within the support functions is to be increased by more than 20 percent over the next few years.