Siemens to restructure in connection with sanctions against Russia

Europe's largest equipment manufacturer, the German concern Siemens has reached an agreement with the unions on the reduction of 7,000 jobs. The concern reported on the harmonization of cost saving measures for the units “Energy and Gas Production” and “Continuous Production and Drives”. In connection with the sanctions imposed by the US and EU against Russia, Siemens plans to restructure, abandoning plans to develop a machine-building business in Russia and selling large volumes of turbines for the modernization of Russian power plants. The company sells a turbine manufacturing plant in Leipzig.

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