The newly named chief executive of Siemens has promised to restore stability to Siemens after a turbulent transition.
The German engineering giant is expecting bumper profits in the wake of a massive restructuring that will also cut thousands of jobs. But Siemens believes a new, leaner structure is vital for long-term growth.
Labor unions have reacted angrily to layoff plans unveiled by the management of the German conglomerate, which aims to cut costs in its energy business to adjust to the disruption sweeping through the industry.
The German engineering giant has revealed the scale of difficulties faced by its power and gas unit, where profits fell 40 percent in Q4. Up to 6,000 job losses have been announced at its wind turbine business.
Germany's Siemens and France's Alstom may be on the verge of merging their rail businesses, media reports suggest. It would come at a time when they are facing growing competition from China's state-backed rival CRRC.
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