Reuters: Siemens seeks huge cost savings by restructuring

By staff writers

November 14, 2022 -- Siemens Healthineers said it plans to restructure its diagnostics division to save about $302 million (292 million euros) each year starting in 2025, according to a Reuters report.

Siemens expects the overhaul to cost between $350.8 million (339 million euros) and $450.9 million (436.1 million euros), one-time charges that will be offset by the savings resulting from the restructuring, Chief Executive Bernd Montag said in the Reuters report.

Montag added that the restructuring will likely translate to less focus on certain locations for the diagnostics division and staff cuts, according to Reuters.

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