Siemens to invest Rs556m in transformation of smart infrastructure operations

By MG News | Category Equity | September 25, 2024 at 11:46 AM GMT+05:00

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September 25, 2024 (MLN): Siemens (Pakistan) Engineering (PSX: SIEM) has announced its strategic decision to transform one of its operational segments within the Smart Infrastructure - Electrification and Automation Business.

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.

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," SIEM stated in its recent notice to PSX issued today.

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