Tags: EU | Germany | Siemens | Job | Cuts

Siemens to Cut 4,200 Jobs at IT Business

Thursday, 18 Mar 2010 08:04 AM

 

Siemens AG says it plans to cut 4,200 jobs worldwide at its information technology unit as it restructures the business.

The industrial conglomerate said Thursday that it wants to put Siemens IT Solutions and Services, or SIS, "on a solid long-term foundation."

It says the plan calls for eliminating 4,200 of the current 35,000 jobs "by 2011." About 2,000 of the job cuts will come in Germany.

The company says it plans to achieve the cuts through voluntary departures as far as possible.

Siemens says it also plans to make additional investments of more than 500 million euros ($688 million) in the business by 2012. It says the company's organization will be "considerably simpler" in future.

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