Wind turbine producer axes 6,000 jobs
Siemens Gamesa Renewable Energy SA has seen its revenues increase by five percent to nearly 11 billion euros in fiscal 2017. But between April and September its revenues fell by 12 percent due to the temporary suspension of the Indian market, the company said. However, order intake in the fourth quarter increased by 40 percent, the company said. As part of its restructuring plan following the merger, 6,000 employees would be let go, Siemens Gamesa announced. The German economy weekly WirtschaftsWoche reported that Germany would be among the six countries hit the most by these cuts.