Siemens Will Cut 1,100 Jobs In Its Energy Division

Link here to AP News.

Industrial conglomerate Siemens AG says it will cut about 1,100 jobs in its energy division in Germany over the next two years amid a wider cost-cutting effort.

Siemens said Thursday the cuts will primarily affect its fossil power and the oil and gas services units which are experiencing sluggish demand. The phasing-out of its nuclear power division also plays a role. 

It looks like they are "betting the farm" on wind. Good luck. Siemens will be an interesting German bellwether energy company to follow.

Germany has recently been referred to as the miracle county in the Eurozone, but there are now an increasing number of stories suggesting this is about to come to an end. The Eurozone is in a recession and some do not see a light at the end of the tunnel.