Siemens to list energy division, cut 10,000 jobs in sweeping overhaul

German engineering giant, Siemens AG, is carving out and listing its flagging gas and power division and cutting more than 10,000 jobs in a sweeping overhaul.

The unit will be spun off into a separately managed company and listed by September 2020, according to a statement Tuesday. Siemens will retain “somewhat less than 50%” of the new entity, which will include its 59% stake in Siemens Gamesa Renewable Energy, creating a company with $33.5 billion (30 billion euros) in business volume.

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