Christmas 2017 will not be merry for many Siemens employees. Among the plants Siemens plans to close is the turbine factory in Goerlitz. Workers there are vowing to fight the mass lay-offs.
German industrial giant Siemens reiterated plans to cut jobs in its power and gas business, despite an uptick in profits. Unions plan to protest in Munich, where the company's shareholders are meeting.
German engineering giant Siemens has said it would need to shut down its power and gas sites worldwide for a whole week soon as it aims to bring down rising costs amid an "unprecedented market downswing."
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.
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.
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