Siemens Planning to Cut Thousands of Jobs -German Media
October 19 2017 - 9:51AM
Dow Jones News
By Marc Navarro Gonzalez
Siemens AG (SIE.XE) is planning to cut thousands of jobs in its
power-and-gas division as part of the company's largest
reorganization since 2015, according to a report by German
publication Manager Magazin.
In a move that would result in the company's largest round of
job cuts in two years, up to 11 of 23 Siemens locations are to be
sold or closed, the magazine reported, citing sources within the
company.
Manager Magazin reported that Eastern Germany is expected to be
most affected by the reorganization, with Siemens' Erfurt site to
be sold and its Goerlitz site set for closure.
The announcement is likely to come in early November, Manager
Magazin reported.
A reduction of 1,100 positions in Siemens' German operations was
approved in 2015 as part of a cost-saving program.
The Siemens power-and-gas division employs 12,000 people in
Germany and 30,000 people worldwide.
The company wasn't available for immediate comment.
Write to Marc Navarro Gonzalez at
marc.navarrogonzalez@dowjones.com
(END) Dow Jones Newswires
October 19, 2017 09:36 ET (13:36 GMT)
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