Siemens Energy : Agrees With Union to Limit Plant Closures, Job Losses in Germany

By Joshua Stein

Siemens Energy AG said Friday that it has reached an agreement with its central works council and trade union IG Metall to limit plant closures and job losses in Germany.

The German energy company said it has agreed not to shut down particular operations in Germany in the lead-up to 2030.

The agreement, which is named "Future Agreement 2030" also says that the company will aim not to close any of its premises in the country.

The transformation plan also agrees to limit redundancies "as far as possible," and to keep any job cuts to voluntary measures.

Siemens Energy will per the agreement target a 4.5% representation of trainees in the company, who will then be qualified enough to be recruited directly from their training, the company said.

The German company plans to restructure itself into three pillars, it said: sustainable power generation, power transmission and storage, and optimization and electrification of the industrial process.

Write to Joshua Stein at [e-mail]

(END) Dow Jones Newswires

01-29-21 0854ET