Job Cut: In February this year, Siemens CEO Roland Busch said that there are signs of recovery. However, now the company has suddenly announced layoffs, indicating that everything is not going well. Now the company has announced that it will lay off about 6 thousand workers, out of which about half of the employees may be laid off in Germany.
Layoff Update: Siemens AG is preparing for large-scale layoffs. According to a report by news agency Bloomberg, the company plans to lay off about 6 billion workers, of which about half of the employees may be laid off in Germany. According to the report, Siemens has taken this decision because it wants to save some money in its factory automation business which is facing weak demand. According to the statement issued by the company on Tuesday, by the end of the financial year 2027, it will lay off about 5600 people from the Digital Industries Unit, out of which 2600 will be in Germany, while around 450 employees will be laid off in the electric vehicle charging business this year, out of which 250 will be from Germany.
68 thousand employees are working in automation business
Siemens’ automation business has about 68 thousand employees. It has been hit by weak demand in China and last year the company had indicated that discussions were going on about layoffs in 2024. In February this year, the company’s CEO Roland Busch said that there are signs of recovery. However, now the company has suddenly announced layoffs, indicating that everything is not going well. The charging business, which Siemens wants to expand, has also been hit by strong price competition and limited growth prospects.
German industries are working on cost savings
At present, industrialists in Germany are adopting cost saving measures to deal with weak demand and declining profitability. Volkswagen AG plans to cut 7500 jobs in Germany by 2029. At the same time, the VW brand also plans to lay off more than 35 thousand employees in Germany in the next five years. Car suppliers Robert Bosch GmbH, Schaeffler AG and ZF Friedrichshafen AG are also planning to cut thousands of jobs in the coming years.
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