36045
Siemens to Cut Energy Jobs
Energy

Siemens to Cut Energy Jobs

German industrials conglomerate Siemens is cutting or transferring to other countries more than 1,000 jobs at a unit making gear for oil drillers and mining companies, as low oil prices have depressed capital spending, a German daily reported. Siemens was making the cuts because the Process Industries and Drives Division in Germany unit's capacities were underutilized, German business newspaper Handelsblatt cited industry sources as saying, Reuters reported. Siemens, which has recently announced job-cutting measures as it battles to cope with subdued economic growth and weak demand from energy customers, declined to comment. The price of oil has fallen around 70% since mid-2014, prompting oil exploration and mining customers to shelve orders for products such as the large drives made by Siemens' Process Industries and Drives unit. At its quarterly results presentation, Siemens Chief Executive Joe Kaeser acknowledged that the unit, much like the Power and Gas division, is struggling to cope with structural changes.

 

Short URL : http://goo.gl/5OYIdd
  1. http://goo.gl/PzANpe
  • http://goo.gl/jbB1TU
  • http://goo.gl/swYWjs
  • http://goo.gl/eYlqmu
  • http://goo.gl/4wkser

You can also read ...

Iran Oil Exports Could Shrink
Iran’s oil exports could fall by as much as two-thirds by the...
Iraq Oil Output Stable Amid Mass Protests
Iraq is pumping oil at normal levels even as protests spread...
Treasury Secretary: US to Mull Iran Waivers
The United States in certain cases will consider waivers for...
EIA forecasts total US crude oil production to average 10.8 million bpd in 2018.
In the July 2018 update of its Short–Term Energy Outlook, the...
LNG Share to Rise in Global Energy Mix
Liquefied natural gas is projected to come into sharp focus...
Completion of Petrochem  Projects High on Agenda
The completion of value chain, development of petrochemical...

Trending

Googleplus