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Siemens announces 6,000 job cuts, cites 'muted demand'
(Sharecast News) - Siemens announced on Tuesday that it is to shed more than 6,000 workers from its automation and EV-charging units due to what it called "capacity adjustments". The German industrial conglomerate outlined plans to "further increase its global competitiveness" as it announced a shake-up of its automation business within the Digital Industries division and the electric vehicle-charging business within the Smart Infrastructure division.
"Changed conditions in key markets have made capacity adjustments necessary in both cases. For two years, the German market, in particular, has been declining. As a result, capacities in Germany will have to be adjusted," Siemens said in a statement.
The planned changes will affect around 5,600 jobs in the automation business, including 2,600 in Germany; while 450 jobs will go globally in EV-charging, including 250 in Germany.
The company cited "muted demand" in key markets like China and Germany, along with an increase in competitive pressures, as reasons for reduced orders and revenues in industrial automation.
Siemens employs roughly 86,000 people across Germany, with 68,000 working for the Digital Industries division.
"Despite the planned adjustments, Siemens' total headcount in Germany will tend to remain stable due to hiring in other, growing areas," the company said.
Shares were up 1.3% at €237.25 just before the close of play in Frankfurt.
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