Siemens Energy, a company that provides equipment to the power sector, issued a warning that its net loss in 2022 would be greater than originally anticipated, based on a charge of about EUR 200 million related to the restructuring of its business in Russia, Reuters reported.
Prior to being split off from Siemens in 2022, Siemens Energy—which holds a majority stake in the faltering wind turbine manufacturer Siemens Gamesa—had anticipated that its net loss for 2022 would be comparable to that of 2017.
In response to Moscow’s invasion of Ukraine, the group said earlier this year that it would cease all new business there. It added that sales there only make up a small portion of its EUR 28.48 billion overall revenue.
“We expect the new management at Siemens Gamesa now to implement a rigorous turnaround plan,” Siemens Energy Chief Executive Christian Bruch said, a week after sources told Reuters that the company was weighing 2,500 job cuts.