Siemens Energy AG SMEGF reportedly planned to hire more than 10,000 new employees to put its electricity grid business at the center of an ambitious six-year growth plan.
The company seeks to move beyond the problems hobbling its crisis-hit wind turbine division, reported Financial Times.
According to the report, approximately 40% of the new jobs will be created in Europe, with the U.S. and India each receiving 20%. The remaining positions will be distributed across other regions in Asia and Latin America.
The Grid Technologies division, the primary revenue generator for Siemens Energy, plans to grow its workforce by two-thirds by 2030.
According to the division’s leader, the division has allocated €1.2 billion for capital expenditures to establish new factories and enhance manufacturing capacity in the U.S., Europe, and Asia.
The report cited Tim Holt, head of Grid Technologies, who stated, “We see this huge boom coming,” pointing to rising demand for electricity, increased construction of renewable projects needing improved grid connections, and aging infrastructure struggling to manage current power demands.
Holt highlighted that the unit doubled its orders from €7 billion to €15 billion between 2021 and 2023, with the total reaching €12 billion in the first half of this year.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image via Unsplash
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
