The Executive Board of Siemens Energy has provided employee representatives details about its previously announced plans to reduce costs by a minimum of €300 million in its Gas and Power segment. This is in addition to programs already under implementation. The measures are designed to improve the company’s competitiveness by enhancing the long-term cost structure. Siemens Energy plans to optimize the company’s portfolio on the basis of profitability and future viability, to lower the non-conformance costs of major projects, and to reduce procurement costs. The company reconfirms plans to achieve an Adjusted EBITA margin before special items of 6.5 percent to 8.5 percent by 2023.
Siemens Energy is one of the world’s leading energy technology companies. The company works with its customers and partners on energy systems for the future, thus supporting the transition to a more sustainable world. With its portfolio of products, solutions and services, Siemens Energy covers almost the entire energy value chain – from power generation and transmission to storage. The portfolio includes conventional and renewable energy technology, such as gas and steam turbines, hybrid power plants operated with hydrogen, and power generators and transformers. More than 50 percent of the portfolio has already been decarbonized. A majority stake in the listed company Siemens Gamesa Renewable Energy (SGRE) makes Siemens Energy a global market leader for renewable energies. An estimated one-sixth of the electricity generated worldwide is based on technologies from Siemens Energy. Siemens Energy employs more than 90,000 people worldwide in more than 90 countries and generated revenue of around €27.5 billion in fiscal year 2020.