Siemens Energy to cut 7,800 jobs in bid to raise margins

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A company logo of Siemens Energy AG is pictured during Siemens Energy's initial public offering (IPO) at the Frankfurt Stock Exchange in Frankfurt, Germany, September 28, 2020. REUTERS/Ralph Orlowski

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FRANKFURT, Feb 2 (Reuters) - Siemens Energy, which supplies turbines to the power sector, on Tuesday unveiled 7,800 job cuts by 2025 to raise margins and competitiveness.

"The energy market is significantly changing which offers us opportunities but at the same time presents us with great challenges," Chief Executive Christian Bruch said.

"We will undertake these measures in the most socially responsible way possible."

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Reporting by Christoph Steitz; editing by Thomas Seythal

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