Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
German energy technology company Siemens Energy has announced that it will cut 7,800 jobs worldwide, including 3,000 jobs in Germany and 1,700 in the United States by 2025. The restructuring is due to the company's goal to become more competitive in a global energy market that is shifting from fossil fuels to renewable energy.
The restructuring programme is to affect gas and power division; nearly three-quarters of the dismissals will be of management and sales roles. The conditions of the programme will be negotiated with employee representatives according to local regulations. The Chief Executive Officer said that the energy market is changing, and the company is to strength its competitiveness and to focus more on renewable energy. The company expects to reduce costs in power and gas division by at least €300 million.
Siemens Energy has 91,000 employees worldwide; Siemens Energy’s gas and power division employs about 46,000 staff.
Eurofound (2021), Siemens Energy, Internal restructuring in World, factsheet number 103535, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/103535.
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