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☆ Factbox: European companies cut jobs as economy sputters
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +5 min

REUTERS/Stephane MaheJan 17 (Reuters) - Decades-high inflation and the impact of war in Ukraine have forced companies across Europe into lay-offs or hiring freezes. * HUSQVARNA (HUSQb.ST): the garden equipment and tools maker announced in late October it will cut 1,000 jobs, the vast majority of them related to the shift from petrol to battery-powered tools. * SIEMENS GAMESA (SGREN.MC): the Spanish wind turbine maker in late September said it plans to cut 2,900 jobs, mostly in Europe, as part of a plan to return to profitability. * CLAS OHLSON (CLASb.ST): the Swedish hardware store chain said in December it would cut about 85 full-time jobs amongst other measures to deliver cost savings and reduced depreciation. BANKS AND FINANCIALS* KLARNA: Dagens Industri reported in May the Swedish payments company would lay off about 10% of its 7,000 employees.

☆ Siemens Gamesa names Luijendijk CEO of onshore wind unit
▼ + stars: | 2022-12-20 | by ( Andres Gonzalez | ) www.reuters.com time to read: +1 min

Companies Siemens Gamesa Renewable Energy SA FollowLONDON, Dec 20 (Reuters) - Wind turbine maker Siemens Gamesa (SGREN.MC) has appointed its Asia Pacific boss Richard Luijendijk as chief executive of its onshore unit as it seeks to turn around the business, a memo signed by Siemens Gamesa CEO Jochen Eickholt showed. Luijendijk will replace Lars Bondo Krogsgaard, whose departure was announced in October, with the company saying in an email to staff it needed a "change due to the losses in the onshore business and the continuous underperformance." A Siemens Gamesa spokesperson declined to comment. "I want us to move away from silo thinking and for us to believe in the turnaround", Luijendijk said in the memo. ($1 = 0.9420 euros)Reporting by Andres Gonzalez, editing by Pamela Barbaglia and Barbara LewisOur Standards: The Thomson Reuters Trust Principles.

☆ Factbox: FACTBOX European companies cut jobs as economy sputters
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +4 min

REUTERS/Evgenia NovozheninaDec 7 (Reuters) - Decades-high inflation and the impact of war in Ukraine have forced companies across Europe into lay-offs or hiring freezes. * FINNAIR (FIA1S.HE): the Finnish airline will cut about 150 jobs, of which 90 are in its home country, as part of a plan to return to profitability. * MICHELIN (MICP.PA): the tyre maker plans to cut up to 1,600 jobs in France, fewer than the 2,300 estimated in its initial voluntary redundancy plan as it seeks to safeguard production. * HUSQVARNA (HUSQb.ST): the garden equipment and tools maker will cut 1,000 jobs, the vast majority of them related to the shift from petrol to battery-powered tools. * H&M (HMb.ST): the Swedish fashion giant, which employs roughly 155,000 people, will cut some 1,500 jobs as part of a 2 billion crown ($189.5 million) savings drive.

☆ Factbox: European companies cuts jobs as economy sputters
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +4 min

☆ The energy transition will fail unless industry fixes wind power issues, Siemens Energy CEO says
▼ + stars: | 2022-11-17 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +3 min

Paul Ellis | AFP | Getty ImagesThe CEO of Siemens Energy on Wednesday argued that the energy transition would fail unless his industry addressed a number of issues currently facing the wind power sector. On Wednesday, Siemens Energy said its "overall performance" had been "held back by the negative development at Siemens Gamesa Renewable Energy, " a wind turbine manufacturer in which it has a majority stake. In a statement, Siemens Energy said its adjusted earnings before interest, taxes, and amortization — and special items — had fallen to 379 million euros (around $393.8 million) compared to 661 million euros for the 2021 fiscal year. Siemens Energy posted a net loss of 647 million euros against a 560 million euro loss in the previous year but also reported a record order backlog of 97.4 billion euros. "And to be crystal clear, [the] energy transition without wind energy does not work."

Siemens Energy owns 67% in Siemens Gamesa and has launched a 4.05 billion euro bid, expected to run until Dec. 13, to buy the rest in an attempt to better integrate the division and fix quality issues at a next-generation turbine model. "In a challenging year we managed to again deliver solid results in our Gas and Power business, while Siemens Gamesa did not meet expectations," Siemens Energy Chief Executive Christian Bruch said in a statement. "The integration of Siemens Gamesa will help to improve profitability at our wind business and allow it to deliver to its full potential." Fourth-quarter sales were up 5.9% at 9.2 billion euros, the company said, higher than the 8.8 billion Refinitiv estimate. The company added that, at 97.4 billion euros, its order backlog had reached a new record.

☆ Wind turbine maker Siemens Gamesa misses full-year target
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: +1 min

MADRID, Nov 10 (Reuters) - Wind turbine maker Siemens Gamesa (SGREN.MC) said on Thursday it missed its full-year target as it saw a top line decline in the fourth quarter, which it said was mostly driven by supply chain disruptions on wind turbine manufacturing and delays in project execution. It also posted a net loss of 940 million euros ($943.48 million), citing higher-than-expected direct material cost inflation and component failures. Pandemic-related supply chain disruptions, sky-rocketing metals prices exacerbated by the war in Ukraine and cut-throat competition within the sector have made manufacturing wind turbine components a tough business in recent years, despite strong demand from governments banking on wind energy to wean themselves off fossil fuels. Siemens Gamesa said it reported net profit during the July-September period was 286 million euros, compared to a loss of 258 million euros during the same period last year. On Tuesday, main shareholder Siemens Energy (ENR1n.DE) formally launched a tender offer for the third of the shares it does not own in Siemens Gamesa.

☆ Siemens Energy launches $4 bln tender offer for Siemens Gamesa
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +1 min

Nov 8 (Reuters) - Siemens Energy (ENR1n.DE) opened on Tuesday a 4.05 billion euro ($4.05 billion) bid for the third of the shares it does not own in its unit Siemens Gamesa (SGREN.MC), the German company said. The acceptance period will last 36 calendar days and is expected to end on Dec. 13 2022, said the company, after the Spanish stock market regulator authorised the deal on Monday. During the acceptance period, Siemens Gamesa's shareholders who wish to do so may tender their shares in exchange for 18.05 euros per share in cash. The price offered by Siemens Energy included a premium of 28% over the last unaffected closing share price of Spanish-listed Siemens Gamesa. Siemens Energy announced in May a plan to buy the remaining third of wind turbine maker Siemens Gamesa to improve its control over operational problems at the division that issued three profit warnings in less than a year.

☆ Siemens Energy CEO eyes chairman role at Gamesa - Handelsblatt
▼ + stars: | 2022-10-10 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Oct 10 (Reuters) - Siemens Energy Chief Executive Christian Bruch is planning to take on the role of chairman of the board of directors at Siemens Gamesa once the takeover of the Spanish wind turbine maker has been completed, Handelsblatt reported, citing company sources. A Siemens Energy (ENR1n.DE) spokesperson declined to comment. Siemens Energy in May announced plans to bid 4.05 billion euros ($3.93 billion) for the remaining third of Siemens Gamesa (SGREN.MC) it does not already own, hoping to get a better handle on ongoing problems at the wind turbine maker. Register now for FREE unlimited access to Reuters.com RegisterIt is not uncommon for CEOs to take on the position of chairman at majority-owned subsidiaries that are listed on the stock exchange. ($1 = 1.0309 euros)Register now for FREE unlimited access to Reuters.com RegisterWriting by Rachel More and Christoph Steitz, editing by Kirsti Knolle and Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

☆ China's climate push could spawn new global players, even if Beijing falls short on its pledge
▼ + stars: | 2022-10-04 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +7 min

China aims to reach peak carbon emissions in 2030. Two years ago, Chinese President Xi Jinping formally announced the world's second largest economy would strive for peak carbon emissions in 2030, and carbon neutrality in 2060. Emerging leader in offshore wind? The U.K. and the rest of Europe are each expected to add about 10 gigawatts of offshore wind power in the next three years, according to IEEFA Research. Overenthusiastic measures to force local areas to cut carbon emissions last year resulted in a power shortage that disrupted factory production.

☆ Siemens Gamesa to cut 2,900 jobs as part of its turnaround
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +2 min

MADRID, Sept 29 (Reuters) - Wind turbine maker Siemens Gamesa (SGREN.MC) plans to cut 2,900 jobs, mostly in Europe, as part of a plan to return to profitability, it said in a statement on Thursday. Siemens Gamesa has done an organisational review to identify synergies across several functions, and to adjust the manufacturing footprint and capacity to match market demands, the company said. "Around 2,900 positions will be impacted globally, particularly in Siemens Gamesa’s major European countries: Denmark (800), Germany (300), Spain (475) and the United Kingdom (50)," it said in its statement on Thursday. The deal awaits final approval from the market regulator in Madrid, where Siemens Gamesa was listed in 2017. Register now for FREE unlimited access to Reuters.com RegisterReporting by Emma Pinedo; Editing by Inti Landauro and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

A model of a wind turbine with the Siemens Gamesa logo is displayed outside the annual general shareholders meeting in Zamudio, Spain, June 20, 2017. REUTERS/Vincent West/MADRID/FRANKFURT, Sept 27 (Reuters) - Siemens Gamesa is aiming to fix major issues with its flagship onshore wind turbine model over the next three months, its CEO said, warning that 10-15 loss-making projects related to the troubled equipment would continue to be a drag until 2024. "The biggest thing really for us is to stabilize the 5.X project," Siemens Gamesa (SGREN.MC) CEO Jochen Eickholt told Reuters. read moreCompetition from newer entrants, particularly Chinese firms, has also squeezed Siemens Gamesa, especially in markets including Brazil and India, Eickholt said. The deal is awaiting final approval from the market regulator in Madrid, where Siemens Gamesa was listed in 2017. read moreIn the meantime, Siemens Gamesa has engaged in tough discussions with customers to raise selling prices, with some success, Eickholt said.

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