Industrial conglomerate Siemens AG says it plans to slash around 2,000 manufacturing jobs in Germany as part of restructuring measures due to lower market demand.

The company said in a statement Thursday that the job cuts would include roughly 850 jobs in its industry solutions division and drive technology segments. It said the measures were in response to a drop in demand and consolidation in the sector.

Siemens shares were trading up more than 1 percent at euro67.73 ($95) in Frankfurt.