Siemens will cut jobs at its wind and solar power units as well as in its new Infrastructures and Cities business as part of a drive to cut costs in a weakening economy, a German magazine said.
The renewable energy business - comprising solar, wind and hydro power - recorded a 40 percent drop in new orders in the nine months through June, which Siemens blamed on fewer large orders in Germany. Siemens said it expected pricing pressure to continue in coming quarters. Profit at the business was down by just over a third in the period.
In Germany, the expansion of offshore wind power projects has been delayed by regulatory and financial hurdles, and the solar industry there has been rattled by consolidation that has driven a number of companies out of business.
The renewable energy business - comprising solar, wind and hydro power - recorded a 40 percent drop in new orders in the nine months through June, which Siemens blamed on fewer large orders in Germany. Siemens said it expected pricing pressure to continue in coming quarters. Profit at the business was down by just over a third in the period.
In Germany, the expansion of offshore wind power projects has been delayed by regulatory and financial hurdles, and the solar industry there has been rattled by consolidation that has driven a number of companies out of business.
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