Siemens to axe 2,500 oil & gas jobs
11 Mar 2016
Siemens has announced plans to cut 2,500 jobs from its oil & gas, metals and mining businesses.
Roughly 2,000 of the cuts – which will primarily affect workers in Bavaria – are due to the realignment of the company’s large drives and process solutions business units.
Plunging demand in raw materials markets has led to a significant intensification of competition
Jürgen Brandes, CEO of Siemens' process and drives division
According to Siemens, it main objective is “to consolidate the activities and optimise the size of manufacturing locations in Europe in order to improve competitiveness in a market environment that continues to be difficult”.
“Plunging demand in raw materials markets has led to a significant intensification of competition, particularly in Asia,” said Jürgen Brandes, chief executive officer of Siemens’ Process Industries and Drives division.
“To guarantee our competitiveness, we've got to adapt to these conditions,” Brandes added.
Siemens, however, has said the expansion of its digital industrial business is “still in full swing”, with the company expected to hire at least 25,000 new employees worldwide in the foreseeable future.
