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Siemens Gamesa said Cutting Around 6,000 jobs worldwide by Next Year

Siemens Gamesa said on Monday it plans to cut as many as 6,000 jobs worldwide as it braces for sales to plunge by as much as a fifth next year.

The job cut would amount to more than 20 percent of the company`s total workforce of around 26,000.

Siemens Gamesa said Cutting Around 6,000 jobs worldwide by Next Year

Siemens Gamesa said Cutting Around 6,000 jobs worldwide by Next Year
Siemens Gamesa said Cutting Around 6,000 jobs worldwide by Next Year

Wind turbine manufacturers are faced with increasing competition, putting pressure on prices and inventory values ​​and raising expectations for more acquisitions to build scale.

A joint venture between Spanish-based wind power, which has cut its earnings forecast twice in the past few months, to date there have been plans to cut only 700 positions.

But the company said on Monday it expects sales to fall between 9 and EUR 9.6 billion in this year of about 11 billion in fiscal 2017, profits from the previous year by 5 per cent.

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Underlying EBIT declined by nearly one fifth to 774 million euros in 2017. fiscal which ended Sept. 30, though fell by almost two thirds to 192 million euros in the six months from April, he said.

“Our financial performance is still not at the level We`re all aiming for,” said the executive director Markus Tacke.

Siemens has joined with the Gamesa wind division opponent this year after a deal that saw Germany`s Nordex turbine Spain`s Acciona to buy General Electric and Alstom of France to take power.

“We believe that the planned restructuring measures at Siemens Gamesa are necessary because the market and regulatory environments are changing structurally,” a spokesman for Siemens said.

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