- Agreement to cooperate with Ministry of Electricity of Iraq to add 11 gigawatts of power generation capacity in four years
- Roadmap proposes cost savings in billions of USD and generating additional electricity 24/7 for 23 million people
- Plan envisions creating tens of thousands of jobs
- Focuses on energy infrastructure, education, anti-corruption and financing
Siemens and the Ministry of Electricity of the Republic of Iraq have entered a milestone agreement to seek the implementation of the company's roadmap for repowering Iraq. Signed by Qasim Al-Fahdawi, Minister of Electricity, and Joe Kaeser, President and CEO of Siemens AG, the Memorandum of Understanding (MoU) will examine a series of short, medium and long-term plans to meet the reconstruction goals of Iraq and support the country's economic development.
- Miguel Ángel López to take on new role as of December 1, 2018
- Rosa García García to leave Siemens by mutual agreement
- López also to succeed García in chairing SGRE's Board of Directors
In a broader change of responsibilities in Spain, Siemens announced today that Miguel Ángel López, currently Chief Financial Officer of Siemens Gamesa Renewable Energy (SGRE), will succeed Rosa García García at the top of Siemens S.A. in Madrid. After having successfully carried Siemens Spain forward for the past seven years, García (53) has, in agreement with Siemens, decided to pursue opportunities outside the company. She will facilitate a proper hand-over to her successor on December 1, 2018, and serve in an advisory capacity until the end of the year.
Siemens and the company's Central Works Council have signed a reconciliation of interests based on the framework agreement reached in May. The goal is to increase the competitiveness of the Power and Gas Division (PG) and the Process Industries and Drives Division (PD). At PG alone, costs are to be reduced – as originally planned – by about €500 million worldwide, with €270 million of this amount to be saved in Germany. Around 2,900 jobs will be cut in Germany instead of the roughly 3,400 announced last November. This reduction in job cuts is due, above all, to the continuation of the location in Görlitz, Germany, and the retention of activities at the Dynamowerk, a Siemens production facility in Berlin. However, the measures are not restricted to capacity adjustments alone. Instead, they are primarily designed to achieve structural improvements and systematically sharpen the company's focus on the technologies of the future.
"The market for fossil power generation has contracted substantially. Against the backdrop of this structural change, the agreement we've reached is critical to improving our competitiveness. We now have to implement the measures quickly," said Lisa Davis, member of the Managing Board of Siemens AG.
"In the past few months, market forecasts have again worsened considerably. The job cuts agreed upon with the employee representatives are only one of the measures urgently necessary to improve our cost position. With the reconciliation of interests, we've also reached an agreement on structural changes and new opportunities for several locations," said Janina Kugel, Chief Human Resources Officer and member of the Managing Board of Siemens AG.
- Reconciliation of interests signed for Power and Gas Division and Process Industries and Drives Division in Germany
- Power and Gas to achieve cost savings of about €500 million worldwide, of which €270 million are to be saved in Germany
- Capacity and structure adjustments can now begin in Germany
Siemens and the company's Central Works Council have signed a reconciliation of interests based on the framework agreement reached in May. The goal is to increase the competitiveness of the Power and Gas Division (PG) and the Process Industries and Drives Division (PD). At PG alone, costs are to be reduced – as originally planned – by about €500 million worldwide, with €270 million of this amount to be saved in Germany. Around 2,900 jobs will be cut in Germany instead of the roughly 3,400 announced last November. This reduction in job cuts is due, above all, to the continuation of the location in Görlitz, Germany, and the retention of activities at the Dynamowerk, a Siemens production facility in Berlin. However, the measures are not restricted to capacity adjustments alone. Instead, they are primarily designed to achieve structural improvements and systematically sharpen the company's focus on the technologies of the future.
The world's largest trade fair for transport technology – InnoTrans – was being held in Berlin from September 18 to 21. Once again, Siemens has showcased its products in Hall 4.2 and in the outdoor exhibition area.Digitalization is fundamentally transforming the mobility industry. It is improving the availability of vehicles and infrastructures, optimizing operations, and reducing efforts and costs. Reflecting these changes, digital innovations in a networked "Complete Mobility System" was the focus of Siemens' presentation at InnoTrans 2018. Following the motto "Shaping connected mobility," Siemens has showcased new, intelligent solutions that will make rail transport more efficient, safer and more reliable.
Siemens joined Gastech 2018, which took place in Barcelona, Sept. 17 – 20. In its 45th year, the world renowned event was a highly regarded gathering for upstream, midstream and downstream gas and LNG professionals. Siemens used the occasion to highlight its integrated Gas-to-Power (G2P) solutions, through which the company is playing an integral role in increasing utilization of natural gas—a highly abundant, cost-effective fuel—as a feed stock for power plants. Sessions featured Siemens speakers which are outlined below.
- Demand for bonds with a total value of €2.75 billion and maturities of five, nine and twelve years 2.5 times higher than issue volume
- Placement directly after summer lull secures favorable financing conditions
After a five-year absence, Siemens has made an impressive return to the euro capital market. For its new bonds, the company generated very strong demand of €6.8 billion. Siemens issued bonds with a total value of €2.75 billion and maturities of five, nine and twelve years. The high demand enabled Siemens to obtain very good interest-rate conditions over all maturities. At the time of price fixing, the average issue yield for all three maturities was 20 basis points (0.2 percentage points) below the initial indications.
- Around 2,170 apprentices and work-study program participants begin their professional life at 20 Siemens locations
- Training further aligned to the requirements of digitalization
- 27 participants in international training program in Berlin
Around 2,170 young people will begin their vocational training next Monday at 20 Siemens locations in Germany alone. Siemens will be training about 1,530 for careers at the company, while a further 640 are from external partners. The ongoing digitalization of the work environment is playing an increasingly important role at Siemens – and in the company's training programs as well. What began in "apprentice corners" back in 1891 is being continued today at advanced, innovative training centers.
- Maier to succeed Klaus Moosmayer, who is leaving the company as of November 30, 2018
Martina Maier (51) has been appointed the new head of the global Compliance Department at Siemens AG. Maier, who currently heads Siemens' Competition Department, will assume the position of Chief Compliance Officer on December 1, 2018. This position has been held since 2014 by Klaus Moosmayer (49), who is leaving the company at his own request.
Combined press and analyst conferenceWe released our third quarter results for fiscal year 2018 on August 2, 2018 and outlined a strategy update. The combined press and analyst conference was broadcast live.