Siemens Plans Job Cuts on Digital Industries Weakness

Dow Jones11-14 18:35

By Nina Kienle

Siemens could cut thousands of jobs at its digital industries division in response to significant headwinds in its industrial automation business.

The German conglomerate is considering cutting a number of jobs in the low- to medium four-digit range worldwide, Chief Executive Roland Busch said during a press conference. An exact number wasn't provided. The division had 76,200 employees as of September 2022.

Siemens said it is looking to train those affected and that it has around 8,000 job vacancies in other areas of the business.

Fourth-quarter revenue for digital industries fell 19% to 4.58 billion euros ($4.84 billion). Orders for the business fell 8% to 4.25 billion euros.

The decline was led by weakness in the automation business, where revenue came in substantially lower as customers were still reducing elevated stock levels due to weak global demand, Siemens said.

Siemens said it doesn't expect a broader recovery in the automation business to begin until later in 2025.

Write to Nina Kienle at nina.kienle@wsj.com

(END) Dow Jones Newswires

November 14, 2024 05:35 ET (10:35 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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