Thursday, May 26

Job Loss Threat To Siemens Workers In UK



Job losses are threatened among the 14,000 British employees of the German engineering giant Siemens.

The manufacturer of heavy industrial equipment has confirmed it is to slash a further 4,500 jobs worldwide as part of a cost-cutting drive.

Around 2,200 of the jobs are expected to go in Germany, but the firm said it was unable to give a breakdown of where the other redundancies will be made.

“We cannot disclose any details,” a spokesman said, adding staff and their representatives would be informed first.

Siemens employs around 343,000 people in 200 countries, including the UK.

The job losses are on top of the 7,800 redundancies announced by Siemens in February.

The fresh round of cuts come as the company reported profits had fallen by 5% to €1.7bn (£1.3bn) in the first three months of the year compared to the same period last year.

It said: “These measures are being taken in response to the persistently difficult environment in the global power generation market.”

Challenges faced by the company included regulatory changes, price erosion and aggressive competitors.

Siemens chief executive  Joe Kaeser said: “For business volume, we performed well in our markets.

“The profitability of our Industrial Business shows that we must still improve some businesses.”