Siemens Energy is back in the black. Still, the company plans to cut 7,800 jobs in the fossil fuel business.
The fossil energy company Siemens Energy plans to cut 7,800 jobs worldwide. In Austria's neighbor Germany alone, 3,000 jobs are affected. According to “orf.at”, every twelfth job in the group could be lost by 2025. As the company announced on Tuesday, the Gas and Power division is affected.
However, the numbers were good – Siemens Energy is reportedly back in the black. From October to December, the company earned 99 million euros and thus returned to profitability. In the past fiscal year, Energy had made a billion loss.
“The energy market is changing rapidly. This offers us opportunities, but at the same time presents us with great challenges,” said CEO Christian Bruch.
The downsizing is an austerity program with which he wants to increase competitiveness. “We are aware that our plans demand a lot from parts of the workforce. Therefore, it is our goal to implement these measures as socially acceptable as possible.”
However, as he noted, no entire locations are to be closed. The company is based in Munich and the headquarters are now to be located in Berlin.
