July 17, 2020 / 4:19 PM / 23 days ago

Siemens Energy CEO can't rule out job cuts: Sueddeutsche Zeitung

FILE PHOTO: The headquarters of Siemens AG is seen in Munich, Germany, December 18, 2019. REUTERS/Michael Dalder

FRANKFURT (Reuters) - Siemens SIEGN.DE Energy, the engineering group’s power unit it will spin off in September, could have to make layoffs, its chief executive told a German newspaper.

“We always have to review all sites and assess whether adjustments are needed,” Christian Bruch told Sueddeutsche Zeitung. “I am a friend of open communication: I cannot rule out staff reduction at the moment. That applies everywhere around the world.”

Siemens Energy employs about 91,000 and makes annual sales of around 28.8 billion euros ($32.9 billion).

Siemens will initially give 55% of its power business to shareholders, but wants to reduce its remaining position within 12 to 18 months of the share listing on Sept. 28.

Reporting by Christoph Steitz; Editing by Mark Potter

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