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6/18, 5:28 PM (Source: TeleTrader)
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Siemens cutting 2,700 jobs worldwide

Siemens AG's Gas and Power unite is cutting 2,700 jobs worldwide, about 1,400 of which are in Germany, the conglomerate announced on Tuesday.

According to the media announcement, the job cuts, which will happen over the course of several years, are a part of a cost-saving program aimed at saving €500 million "in order to significantly improve the company's competitiveness." Siemens said it will start consultations with relevant employee representatives and then implement the planned measures, including requalification programs.

"Our new Gas and Power Operating Company setup has created synergies that better enable our company to deliver competitive performance in the midst of structural change in our industry. The planned measures will help us create more opportunity for growth and the security that comes from being a competitive player in the energy market," CEO of Gas and Power Lisa Davis said in the press release.

Breaking the News / MD