Siemens Gamesa to cut up to 6,000 jobs

8 November 2017 (Last Updated November 8th, 2017 12:10)

Wind turbine maker Siemens Gamesa Renewable Energy (SGREN) has revealed plans to cut as many as 6,000 jobs across its 24 sites worldwide.

Wind turbine maker Siemens Gamesa Renewable Energy (SGREN) has revealed plans to cut as many as 6,000 jobs across its 24 sites worldwide.

The move is part of a restructuring programme that is expected to be implemented over the next few months. Work will be carried out under an ongoing Integration of Legacy Structures scheme.

SGREN CEO Markus Tacke said: “Our financial performance is still not at the level we’re all aiming for.

“But it’s clear that we are making positive progress as we carry out our plan to make this company an industry leader.

“The company’s revenues fell by 12% due to temporary suspension of the Indian market between April and September.”

“Our integration efforts are proceeding ahead of schedule, and I’m confident that the decisions we’re making will allow us to better respond to changing market conditions, and to better serve our customers and other stakeholders.”

As per SGREN’s fiscal year ending 2017 results, the company’s revenues fell by 12% due to temporary suspension of the Indian market between April and September.

The company’s underlying earnings before interest and taxes (EBIT) also reduced to €192m during the same period.

SGREN said the declines were impacted by specific onshore market conditions such as impairments relating to inventory adjustments.