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[size=36]Reducing jobs and selling shares threatens Siemens' contract with Iraq[/size]
Economy | 12:37 - 14/05/2019
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BAGHDAD (Reuters) -
Siemens has announced a reduction of about 10,000 jobs and 59 percent of its stake in the gas and power unit.
Germany's Siemens plans to shut down its gas and power unit while cutting costs, but it is now targeting larger utilities in markets such as Iraq, the site said.
Siemens' Gas and Power, which generates and transfers conventional energy, will be "fully independent" and will prepare for an initial public offering. It will also shed 59% of its stake in the takeover of the gas and power unit by Siemens Gamesa, Iraq to go to another company.
The Middle East site quoted the company as intent to cut costs by 2.2 billion euros, to be implemented by 2023, including a reduction of about 10,000 jobs, despite its alleged request for staff to its branch in Iraq, which questioned the health professionals, after signing what he described as "larger "A contract with the Iraqi government
Siemens has announced a reduction of about 10,000 jobs and 59 percent of its stake in the gas and power unit.
Germany's Siemens plans to shut down its gas and power unit while cutting costs, but it is now targeting larger utilities in markets such as Iraq, the site said.
Siemens' Gas and Power, which generates and transfers conventional energy, will be "fully independent" and will prepare for an initial public offering. It will also shed 59% of its stake in the takeover of the gas and power unit by Siemens Gamesa, Iraq to go to another company.
The Middle East site quoted the company as intent to cut costs by 2.2 billion euros, to be implemented by 2023, including a reduction of about 10,000 jobs, despite its alleged request for staff to its branch in Iraq, which questioned the health professionals, after signing what he described as "larger "A contract with the Iraqi government
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