"The cuts are necessary to ensure that our expertise in power-plant technology, generators and large electrical motors stays competitive over the long term. That's the goal behind the measures we're taking. However, we can reach this goal only if we find answers to the worldwide overcapacities and the resulting price pressure," said Janina Kugel, Chief Human Resources Officer and member of the Managing Board of Siemens AG. "We'll plan these measures carefully, diligently and for the long term," continued Kugel.

According to the plans presented to the employee representatives, a total of around 6,900 jobs worldwide are to be cut in the affected Divisions over a period of several years. Roughly half of these jobs are in Germany. The measures involve adapting the global capacities of PG and PS to the expected market volume, bundling key expertise in centers of excellence and consolidating manufacturing volumes at locations with competitive costs. For implementation, consultations with the relevant employee representatives are to begin very soon. The goal is to implement the planned measures in a way that is as socially responsible as possible.