Competitors in the power business such as Boston-headquartered General Electric and Japan's Mitsubishi have struggled as well.Siemens said it would keep a significant stake of less than 50 percent in the spun-off company and would bundle in a majority stake its renewable energies company. The company says it expects growth to create some 20,500 new jobs by 2023, for a net gain of around 10,000. When it comes to job cuts, Siemens said that ``all measures worldwide are to be implemented in as socially responsible a manner as possible. ''Siemens AG meanwhile said Wednesday that its net profit fell to 1.92 billion euros ($2.15 billion) in the first three months of the year, from 2.02 billion a year earlier, when earnings were boosted by 900 million euros by a share transfer. Revenue rose 4% to 20.93 billion euros.

Source: Economic Times May 08, 2019 09:00 UTC