Siemens is responding to the rapidly accelerating structural changes in the fossil power generation market and the commodity sector. A consolidation plan for the Power and Gas Division (PG), the Power Generation Services Division (PS) and the Process Industries and Drives Division (PD) aims to increase capacity utilization at production facilities, drive efficiency and enhance expertise by bundling resources.

"The power generation industry is experiencing disruption of unprecedented scope and speed. With their innovative strength and rapidly expanding generation capacity, renewables are putting other forms of power generation under increasing pressure. Today's action follows a nearly three-year effort to right-size the business for this changing marketplace," stated Lisa Davis, member of the Managing Board of Siemens AG. "Our plan is to execute these changes in a fast and prudent manner while also investing in future-oriented technologies. We're committed to growing this business and to being a capable and reliable partner for our customers in order to help ensure their long-term success," she added.