Siemens Gamesa Plans to Lay Off up to 6,000 Employees
Zamudio, Spain - Siemens Gamesa Renewable Energy today presented its results. Regarding fiscal year 2017, revenue increased by 5% to €10,964 million, while underlying EBIT was €774 million (-18%) with an EBIT margin of 7%.
"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. 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," said Markus Tacke, CEO of Siemens Gamesa.
In the context of the ongoing integration of legacy structures, the company has announced a restructuring plan affecting a maximum of 6,000 employees located in 24 countries (700 already announced). As Siemens Gamesa points out, discussions with employee representatives will start immediately, in accordance with applicable rules and regulations in each country. Information on the final agreements will be communicated in due course, once negotiations are completed. According to Siemens, this plan, which will be implemented in the coming months, is a necessary step to strengthen the group and consolidate its position as a market leader.
The previously announced synergy target of €230 million is confirmed as a minimum and the company expects to achieve this target in the third year, 12 months ahead of schedule.
Source: IWR Online, 07 Nov 2017