Slashing 6,900 Jobs Worldwide Will Not Affect Company's China Business, Siemens Says
Xu Wei
/SOURCE : Yicai
Slashing 6,900 Jobs Worldwide Will Not Affect Company's China Business, Siemens Says

(Yicai Global) Dec. 4 -- Europe's largest industrial manufacturing company Siemens AG's [ETR:SIE] plans to cut 6,900 jobs globally, mostly in Germany and the US, will not affect its China business, reported changjiangtimes.com today. The planned cut in Siemens' global workforce will not affect company's business in the power generation and gas sectors in China, the German industrial giant said.

However, Siemens did not disclose any information as to whether it will make any redundancies among its staff in China. As of Sept. 30, Siemens had employed more than 32,000 people in China, the report said.

The large-scale layoffs cover one-third of the company's core business, including the electricity and natural gas departments, power generation services sector, the manufacturing and the transmission sectors. The development of new energy has substantially impacted traditional industries, which, in turn, forced substantial cut in global workforce, Siemens said.

As for company's future operations in China, Siemens said it is working hard and successfully to implement its "2020 Corporate Vision," which includes market demand-driven investment integrating market segments and increased investment in growth markets such as energy management, industrial smartification, and medical care. China is experiencing an energy transformation and looks for more efficient and environmentally friendly power generation solutions to meet its huge energy needs.

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Keywords: German , Siemens , Redundancy , Workforce , Cut