Siemens may lay off employees due to automation weaknesses.

15.11.2024 10:20

Siemens AG CEO Roland Busch announced that there could be layoffs worldwide due to weakness in the automation business. The company stated that it would reduce employment in response to negative developments in industrial automation. However, the company's financial situation appears to be improving; revenues for the 2024 fiscal year increased by 3% to reach 75.9 billion euros.

Siemens AG Chairman of the Board and CEO Roland Busch announced that the company may lay off employees worldwide due to ongoing weakness in its automation business.

In a statement made at Siemens' annual press conference in Munich, Busch indicated that the company might reduce employment in response to significant negative developments in its industrial automation business.

Busch noted that while challenges continue in the automation sector, they have benefited from strong demand for electrification, transportation, and industrial software products, stating, "Sometimes we have to re-engineer because developments have not been as positive as we expected. We will need to make one or two adjustments worldwide."

MORE THAN 70,000 EMPLOYEES ARE CONCERNED

Busch stated that the employment reduction would be below or in the mid four-digit range, but no exact figure has been determined yet. On the other hand, Siemens employs more than 70,000 people worldwide in its digital industries division.

Meanwhile, Siemens AG's revenues for the fiscal year 2024, which ended on September 30, increased by 3% compared to the previous year, reaching €75.9 billion. The company's net profit also rose by 5% to €9 billion. Thus, the German company recorded its highest net profit to date. During this period, the proposed dividend per share increased from €4.20 to €5.20.

Siemens may lay off employees due to automation weaknesses.

MORE THAN 70,000 EMPLOYEES ARE CONCERNED

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