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    SGRE   ES0143416115

SIEMENS GAMESA RENEWABLE ENERGY, S.A.

(SGRE)
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Delayed Bolsas y Mercados Espanoles  -  11:38 2022-12-02 am EST
18.02 EUR   -0.06%
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Siemens Gamesa Renewable Energy S A : takes next steps in Mistral strategy program to enable profitable growth

09/29/2022 | 07:54am EST
Siemens Gamesa takes next steps in Mistral strategy program to enable profitable growth
  • To adapt footprint and capacity to market demands, around 2,900 positions globally will be impacted
  • Despite this workforce reduction, Siemens Gamesa foresees adding headcount in growth areas within the company over the coming years
Press contact

You need further information or have specific questions about this press release? Please contact Ana García.

ana.garcia.r@siemensgamesa.com+34 610 141426

Siemens Gamesa today announced the next step in the implementation of its new operating model, which forms part of the Mistral strategy program and is designed to unlock the company's full potential and enable profitable growth in the long term through a simplified and leaner structure. As a consequence, around 2,900 positions will be impacted across the company.

Following the launch of Mistral, an organizational review was initiated to identify synergies across several functions, and to adjust the manufacturing footprint and capacity to match market demands. Additionally, and in order to realize the company's projections for growth, Siemens Gamesa is working to strengthen specific areas within key leading markets to capitalize on its strong market position in offshore, as well as growing across the entire value chain and driving a project-centric business approach.

Around 2,900 positions will be impacted globally, particularly in Siemens Gamesa's major European countries: Denmark (800), Germany (300), Spain (475) and the United Kingdom (50). Further reductions are planned in other countries across the world, and details for all affected countries will be defined in negotiations with the workers' councils.

"It is never easy to make such a decision, but now is the time to take decisive and necessary actions to turn the company around and ensure a sustainable future. We need to build a stronger and more competitive Siemens Gamesa to secure our position as a key player in the green energy transition," said Siemens Gamesa CEO Jochen Eickholt.

The company will closely collaborate with employee representatives to minimize the impact of this adjustment, prioritizing natural attrition and internal transfers. The negotiation period will start at the beginning of October 2022.

The new operating model and organizational structure will become effective on January 1, 2023, while headcount will be adjusted accordingly following negotiations with the workers' councils, and no later than fiscal year 2025.

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Thursday, 29 September 2022

Disclaimer

Siemens Gamesa Renewable Energy SA published this content on 29 September 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 September 2022 11:53:08 UTC.


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Sales 2022 9 395 M 9 851 M 9 851 M
Net income 2022 -819 M -859 M -859 M
Net Debt 2022 1 604 M 1 682 M 1 682 M
P/E ratio 2022 -15,4x
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Number of Analysts 15
Last Close Price 18,02 €
Average target price 17,70 €
Spread / Average Target -1,76%
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Managers and Directors
Jochen Eickholt Chief Executive Officer & Executive Director
Beatriz Puente Ferreras Chief Financial Officer
Christian Bruch Non-Executive Chairman
Alan Feeley Chief Information & Cyber Security Officer
Antonio de la Torre Chief Technology Officer