Zinger Key Points
- Siemens to reduce 5,600 jobs globally as part of restructuring.
- Company remains committed to Germany with €1 billion investment. c
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German industrial major Siemens AG SIEGY has presented plans to streamline operations in response to shifting market conditions.
The changes are designed to boost the competitiveness of its automation division at Digital Industries and the electric vehicle charging business within Smart Infrastructure.
Siemens is directing its automation business towards expanding markets and as part of this transition, around 5,600 jobs worldwide will be impacted, including 2,600 in Germany.
The company has assured that there will be no operational-related job cuts in Germany. Despite job reductions in certain areas, Siemens' total workforce in Germany is expected to stay mostly stable, thanks to new hiring in emerging business divisions.
Over the past two years, Siemens has experienced a decline in orders and revenue from industrial automation, primarily due to weakened demand in China and Germany.
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To address the situation, Siemens is reorganizing its global factory network, rethinking sales strategies, and promoting more collaborations across product development teams.
In addition to the restructuring in the automation sector, Siemens is also adjusting its electric vehicle charging business.
The company is now focusing on high-demand areas such as fast-charging infrastructure for fleets, depots, and on-route stations.
Earlier, Siemens announced plans to carve out its EV charging division to better capitalize on opportunities within this fast-growing market. Worldwide, about 450 jobs will be affected in this sector, including 250 positions in Germany.
Despite these adjustments, Siemens plans to invest €1 billion euros ($1.09 billion) in Germany as part of a global €2 billion initiative to boost growth, innovation, and resilience.
This includes €500 million allocated for a new research and manufacturing campus in Erlangen, which will serve as a global development center and launchpad for the industrial metaverse.
Price Action: SIEGY shares closed higher by 0.65% at $129.67 on Tuesday.
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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