Tags: Siemens | Job Cuts | Germany | Industrial machinery maker

Germany's Siemens to Cut 7,800 Jobs Globally to Cut Costs

Friday, 06 Feb 2015 07:28 AM

Industrial machinery maker Siemens AG says it will cut 7,800 administrative jobs worldwide as part of an effort to streamline the sprawling company and its many businesses.

Munich-based Siemens said in a statement Friday that 3,300 of the job losses will be in Germany.

Siemens CEO Joe Kaeser said the cuts were part of an ongoing restructuring whose aim was to "get the company back on a sustainable growth path and close the profitability gap to our competitors"

Siemens said the cuts would save 1 billion euros ($1.14 billion) this year alone that the company could put into growth initiatives such as research and development. As a result, it said overall head count would remain roughly the same.

Siemens had 341,000 employees at year-end in more than 200 countries.

© Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

   
1Like our page
2Share
Companies
Industrial machinery maker Siemens AG says it will cut 7,800 administrative jobs worldwide as part of an effort to streamline the sprawling company and its many businesses.
Siemens, Job Cuts, Germany, Industrial machinery maker
129
2015-28-06
Friday, 06 Feb 2015 07:28 AM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved