French engineering group Alstom is set to cut around 1300 jobs globally as it looks to deal with a drop in orders.
The company, which makes wind and wave turbines along with power station units and trains, will look to make cuts over the next three years, with the majority expected to be in Germany and France.
Alstom, bailed out by the French government ten years ago, is looking to make annual savings of £1.3billion after seeing orders fall 22% to £5.8billion for the first half of the year.
“In markets that remain contrasted, our commercial activity in the first half was supported by a good flow of small and medium-sized orders, but lacked large contracts, notably in thermal power,” admitted chief executie Patrick Kron.
“In the current low-growth environment, we need to further reinforce our competitiveness; we are accelerating our performance plan and expect annual cost savings ramping up to €1.5billion by April 2016.”
The company said it was considering selling off a minority stake in its transport division, which makes high speed trains, before the end of next year.
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