Manufacturers

Siemens Announces 2,700 Job Cuts

Siemens Announces 2,700 Job Cuts

BERLIN (AP) — German industrial equipment maker Siemens says it is cutting 2,700 jobs globally at its power and gas company as it seeks to make cost savings.

Siemens said Tuesday that the cuts include 1,400 jobs in Germany and would take place over the course of several years.

The layoffs come in addition to the 10,400 from its core units that the company already announced last month.

Siemens in May said it was undertaking a major restructuring that would involve spinning off its oil, gas and power generation business and creating new areas of growth.

The company plans to save 2.2 billion euros ($2.5 billion) in costs by 2023.

According to the company website, Siemens “will now begin consultations with the relevant employee representatives and then implement the planned measures, including requalification programs in the wake of the structural transformation of the industry, in a way that is socially responsible.” Siemens further states that there will be a net increase of around 10,000 jobs worldwide within the same time period.

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