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Siemens to update labor on power and gas woes on Thursday: sources
October 25, 2017 / 3:45 PM / a month ago

Siemens to update labor on power and gas woes on Thursday: sources

MUNICH (Reuters) - Siemens (SIEGn.DE) management will give labor bosses on its supervisory board an update on Thursday on its power turbine business that has been hit by falling demand before deciding on any job cuts, two people familiar with the matter said.

FILE PHOTO: Siemens AG headquarters in Munich, Germany June 14, 2016. REUTERS/Michaela Rehle/File Photo

But one of them said no concrete measures would be discussed at the meeting.

Siemens declined to comment on the matter.

A person familiar with the matter told Reuters last week that Siemens may cut thousands of jobs as part of plans to overhaul the power and gas business, which is struggling with lower worldwide demand for the large electricity generating turbines in which Siemens specializes.

Management reportedly plans to present a restructuring plan to Siemens’s supervisory board on Nov. 8, the day before the group is due to publish quarterly financial results.

Siemens has highlighted weakness at both the power and gas division and the process industries division, indicating that restructuring was potentially in the pipeline.

Reporting by Joern Poltz; Writing by Maria Sheahan; Editing by Edmund Blair

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