­Siemens unveils transformation plan

KARACHI: Siemens has announced its strategic decision to transform one of its operational segments within ‘Smart Infrastructure- Electrification and Automation Business’.

The company announced this in a statement to the Pakistan Stock Exchange (PSX) on Wednesday. The company said, “This change aims to better align the business to serve the local market and its customers, thereby enhancing shareholders’ value by embedding the required flexibility in its operations.”

However, it said, “As a result, certain employees have voluntarily chosen to part ways with the company and avail themselves of severance benefits.”The estimated one-time cost of this transformation is approximately Rs556 million, which will be borne by the company. “This transformation will not affect any business lines of the company, which will continue to operate as usual,” it added.