ABB_id2059
in News Departments > New & Noteworthy
print the content item



Siemens AG has revealed details about its ongoing plans to make "workforce adjustments" as part of its Siemens 2014 initiative, a previously instituted program meant to reduce company costs by over $8 billion.

A company spokesperson tells NAW that Siemens is in the process of cutting approximately 15,000 jobs globally across its many businesses by the end of 2014. About half of the worldwide reductions have been or will be implemented this year.

More than 5,000 of the job cuts are slated to be made in Germany, including about 1,400 in the region’s energy division. However, the spokesperson declined to specify if or how many employees in the company’s wind power business - in Germany or worldwide - may be affected. In addition, Siemens could not reveal information about other regions at this time. 

“This is in line with our principle: communicate first with employees and then with the general public,” the spokesperson says.

In July, Siemens named Joe Kaeser, chief financial officer of the company since 2006, to replace CEO Peter Loscher. Loscher resigned following Siemens’ bleak financial results, including a projected failure to meet its planned profit margin of at least 12% by fiscal year 2014. In the third quarter of this year, Siemens’ overall profits dropped 31% year-over-year, and its wind division’s profits fell from $89 million to about $30 million over the same time frame.

Photo caption: A truck transports a Siemens wind turbine blade. Photo courtesy of Siemens AG.


Hybrid Energy Innovations 2015

Trachte_id2056
Latest Top Stories

U.S. Wind Power Installations Surpassed 4.7 GW Last Year, Although China Still Leads

Bloomberg New Energy Finance reports that U.S. wind installations came back in a big way from a disappointing 2013.


IRS Specifies Performance, Quality Standards For Small Wind Turbines

The Internal Revenue Service (IRS) recently issued guidelines creating safety and performance standards for small wind turbines to be eligible for the 30% investment tax credit.


Hot Times North Of The Border: Canada Tops Previous Record For Installed Wind Capacity

For the second consecutive year, Canada's wind market has bested the country's previous mark for new installations.


Report: Policy Uncertainty Fuels Market Exodus As Firms Bolt North American Wind Industry

The global wind energy supply chain has yet to recover from the slump that began in 2013. In fact, many segments are undergoing a transformation, according to market research firm FTI Consulting.


Utilities Deal "Near-Fatal" Blow To Cape Wind: UPDATED

Despite its remarkable resiliency, could this latest setback mean the end for the controversial offshore wind farm?

Hybrid Energy Innovations 2015