Siemens (Pakistan) Engineering (PSX: SIEM) has announced a strategic decision to transform one of its operational segments within the Smart Infrastructure – Electrification and Automation Business.
The company aims to improve its alignment with the local market and customers, ultimately enhancing shareholder value. As part of this transformation, certain employees have voluntarily chosen to leave the company and receive severance benefits.
The estimated one-time cost of this transformation is approximately Rs. 556 million, which will be borne by the company. However, it’s important to note that this change will not affect any of the company’s business lines, which will continue to operate as usual.
Siemens (Pakistan) Engineering is primarily involved in the execution of projects, as well as the manufacturing, installation, and sale of electronic and electrical capital goods.
