German industrial equipment maker, Siemens has announced plans to cut some 10,000 jobs in a major restructuring that will involve spinning off its oil, gas and power generation business and creating new areas of growth.
The company said that it would spin off its division that makes power turbines to increase the divisions entrepreneurial freedom, while embarking on a sweeping cost-cutting effort at its remaining operations.
The gas and power division has been under pressure due to a broader trend toward renewable energy such as sun and wind power. Competitors in the power business such as Boston-headquartered General Electric and Japans Mitsubishi have struggled as well.
Siemens said it would keep a significant stake of less than 50 pe…
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