Bilfinger plans up to 300 job cuts in power business - report

FRANKFURT (Reuters) - German industrial services group Bilfinger plans to cut 200 to 300 jobs at its power business in Germany, Chief Executive Roland Koch told a German magazine.

In an advance copy of an interview to be published on Friday, Manager Magazin said the job cuts would be in the piping business of the power division, which generated about a third of Bilfinger's core profits last year.

The piping business in Germany, base of its European operations, employs about 1,100 people.

Bilfinger last month issued a profit warning and said it planned to cut capacity and costs at its power business, entailing significant job losses. Its clients, mainly big utilities, were investing less in power and industrial services than the company had expected.

Koch told Manager Magazin that capacity adjustments would also have to be made in other Bilfinger businesses but the measures would not reach the scale of an ongoing cost-savings programme that includes 1,250 job reductions.

Koch said the company will disclose new growth targets in mid-November as well as details of plans to push further its expansion abroad.

(Reporting by Marilyn Gerlach; Editing by Janet Lawrence)