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Siemens carves out energy unit, cuts 10,000 jobs in massive overhaul

German company chalks up strong Q2 profit; shares surge the most in a year

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The plan to list the energy division next year will be the latest in a series of deconsolidation moves by CEO Joe Kaeser (right) after previously bringing the health-care division to market and merging the wind power unit with a Spanish competitor.

Munich

SIEMENS AG posted strong second-quarter profit and outlined a plan to list its struggling power and gas division, a watershed moment in chief executive officer Joe Kaeser's drive to dismantle the company's cumbersome conglomerate structure.

The shares surged the most in a...

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