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Siemens new Power and Gas business aiming for 1 billion euros savings

Reuters

MUNICH (Reuters) - The head of Siemens's Gas and Power business Lisa Davis is targeting 1 billion euros (857 million pounds) in savings by 2023 at the business Siemens wants to spin off from the rest of its operations, according to an analyst presentation.

The figure includes the 500 million euros Siemens has already saved by cutting jobs at the unit which has struggled with faltering demand and plummeting prices.

Siemens plans to achieve the savings by cutting back office functions, "rightsizing" and having a leaner structure in the regions, although Siemens has given no figures for expected job losses.

(Reporting by John Revill; Editing by Tassilo Hummel)