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Siemens to cut 2,700 jobs at gas and power unit

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Siemens to cut 2,700 jobs at gas and power unit
FILE PHOTO: The logo of German industrial group Siemens is seen in Zurich, Switzerland, January 30, 2019. REUTERS/Arnd Wiegmann/File Photo   -   Copyright  Arnd Wiegmann(Reuters)
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BERLIN (Reuters) – Siemens plans to cut 2,700 jobs at its gas and power company, in addition to 10,400 it is already shedding in its core units, the German engineering firm said on Tuesday.

Siemens said last month it was spinning off its gas and power business, which has acted as a drag on the firm’s performance as the rise of renewable power hits demand for gas turbines.

Siemens said on Tuesday the creation of a separate operating company led to significant synergies. Job cuts were necessary to adjust capacities to reflect market developments, with 2,700 jobs to go worldwide, including 1,400 in Germany.

(Reporting by Emma Thomasson; Editing by Douglas Busvine)

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