The German industrial group Siemens will issue at least a thousand layoffs in a planned restructuring process of its IT services unit SIS, aimed at listing its shares on the stock exchange, according to a newspaper report published on Wednesday.
Siemens had already announced the spin-off of this part of the business in December and indicated the possibility of going public. According to the German business daily Handelsblatt, the restructuring plan anticipates the elimination of at least 1,000 jobs, which would cost the company several hundred million euros. This part of Siemens’ business has 35,000 employees, of which 9,700 are in Germany, where the largest layoffs are expected. SIS has been experiencing a decline in sales for years. Siemens has so far invested 500 million euros in restructuring its business units and has laid off 23,000 people, and at the end of last year, it had a total of 405,000 employees worldwide. The operations of this group encompass the production of a wide range of products, from light bulbs and washing machines to medical equipment, wind turbines, nuclear reactors, and high-speed trains. (H)
