Siemens Energy plans to recruit more than 10,000 new employees for its electricity grid division, projected to become the company’s largest revenue source by 2030, according to a news report by the Financial Times.
The Grid Technologies unit has allocated €1.2 billion ($1.29 billion) in capital expenditure to establish new factories and enhance manufacturing capacity in the U.S., Europe, and Asia, Tim Holt, the head of the unit, said.
In March 2024, Siemens Energy’s wind turbine business unit Siemens Gamesa said it will cut 4,100 jobs to improve profit.
Siemens Energy’s revenue grew by 3.7 percent to €8.3 billion in the second-quarter of fiscal 2024 with substantial and significant growth at Grid Technologies and Transformation of Industry, respectively.
Siemens Energy reported a net income of €108 million as compared with net loss of €189 million for Q2 FY 2023.
Siemens Energy said orders decreased 21.8 percent to €9.5 billion from a high level of comparison mainly due to a lower volume of large orders. Growth at Grid Technologies and Transformation of Industry could not offset lower orders in the other segments, mainly Siemens Gamesa.
Siemens Energy’s book-to-bill ratio (ratio of orders to revenue) was above 1, driving the order backlog to €119 billion.
Baburajan Kizhakedath