Siemens (Pakistan) Engineering Co. Ltd. has announced its strategic decision to transform one of its key operational segments within the Smart Infrastructure – Electrification and Automation Business.
This move aims to better align the business to serve the local market and its customers and enhance shareholders’ value by embedding the required flexibility in its operations, the company said in a notice to the stock market on Wednesday.
As a result, certain employees have voluntarily chosen to part ways with the company and avail themselves of severance benefits, the company further added.
The one-time cost of this transformation is estimated to be around Rs 556 million, which will be borne by the company.
Despite this restructuring, Siemens clarified that this move will not impact any other business lines, and the company will continue to operate as usual.
