Siemens to cut thousands of jobs in major overhaul
German industrial equipment maker SiemensNSE -1.81 % says it will cut some 10,000 jobs in a major restructuring that will involve spinning off its oil, gas and power generation business and creating new areas of growth.
The company said late Tuesday that it would spin off its division that makes power turbines to increase the division’s entrepreneurial freedom, while embarking on a sweeping cost-cutting effort at its remaining operations.
The gas and power division has been under pressure due to a broader trend toward renewable energy such as sun and wind power. Competitors in the power business such as Boston-headquartered General Electric and Japan’s Mitsubishi have struggled as well.
