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Siemens Energy will cut 7,800 jobs in its global Gas & Power segment, according to the company's quarterly earnings announcement. The company, which was spun off from Siemens in the fall of 2020, includes both the Gas & Power portfolio as well as renewable energy under Siemens Gamesa. The company expects to save a minimum of €300 million in the Gas & Power segment.
The cuts will affect 3,000 in Germany, 1,700 in the United States, and 3,100 elsewhere across the world. As of 2020, the company employed about 91,000 people. Staff reductions are planned by the end of the 2025 financial year with a large part to be implemented by the end of the 2023 financial year. In negotiations with the employee representatives in geographies under co-determination, the company aims at reaching an agreement on the proposed measures as soon as possible, the company said.
“The energy market is significantly changing which offers us opportunities but at the same time presents us with great challenges,” said Christian Bruch, CEO of Siemens Energy AG. “With this program we want to regain our competitiveness and financial strength to shape the energy world of tomorrow. We are fully aware that this is a challenging program for our employees. Hence, we will undertake these measures in the most socially responsible way possible.”