Siemens to slash jobs at en­ergy-re­lated unit

The Pak Banker - - BUSINESS -

FRANK­FURT: Ger­man in­dus­tri­als con­glom­er­ate Siemens is cut­ting or trans­fer­ring to other coun­tries more than 1,000 jobs at a unit mak­ing gear for oil drillers and min­ing com­pa­nies, as low oil prices have de­pressed cap­i­tal spend­ing, a Ger­man daily re­ported. Siemens was mak­ing the cuts be­cause the Process In­dus­tries and Drives Divi­sion in Ger­many unit's ca­pac­i­ties were un­der­uti­lized, Han­dels­blatt re­ported, cit­ing in­dus­try sources. Siemens, which has re­cently an­nounced job-cut­ting mea­sures as it bat­tles to cope with sub­dued eco­nomic growth and weak de­mand from en­ergy cus­tomers, de­clined to com­ment. The price of oil has fallen around 70 per­cent since mid2014, prompt­ing oil ex­plo­ration and min­ing cus­tomers to shelve or­ders for prod­ucts such as the large drives made by Siemens' Process In­dus­tries and Drives unit. At its quar­terly re­sults pre­sen­ta­tion, Siemens Chief Ex­ec­u­tive Joe Kaeser ac­knowl­edged that the unit - much like the Power and Gas divi­sion - is strug­gling to cope with struc­tural changes.

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