gas and power

Siemens on June 18 said it would cut 2,700 jobs from its Gas and Power division, on top of 10,400 positions the German engineering firm last month said it would jettison as part of cost-cutting measures. The Siemens’ announcement comes one day after U.S.-based rival GE said it would cut 450 jobs at two of […]

Siemens AG, the global technology conglomerate that today has headquarters in both Berlin and Munich, in May 2019 announced it will spin off its energy units to focus on its digital “core.” The news has stunned many in the power sector, where Siemens has clenched a formidable presence since 1866. But restructuring at Siemens is […]

In the days following its May 7 announcement that it will spin off its Gas and Power business, Siemens has fleshed out how and when the carveout will occur, laid out its reasons for lumping its energy businesses together, and put forth a market case for why a business separation may be a “win-win” situation […]

Siemens will spin off and give up its majority stake in its lucrative Gas and Power division—comprising its conventional power generation, power transmission, oil and gas, and related services businesses—and transfer its current majority 59% stake in Siemens Gamesa Renewable Energy (SGRE) to the new business. The company’s supervisory board announced the spinoff on May 7 […]