Siemens cuts 15,000 jobs in six billion euro savings drive

People walk out of an office building of Siemens AG in BerlinMUNICH, Germany (Reuters) – Siemens is to shed 15,000 jobs over the next year, a third of them in Germany, as part of a 6 billion euro ($ 8.1 billion) cost cutting program, a spokesman said on Sunday. The announcement comes two months after the ouster of Chief Executive Peter Loescher who drew up the savings plan late last year. Europe's biggest engineering firm, whose products range from hearing aids to gas turbines, is anxious to close the gap with more profitable rivals such as U.S.-based General Electric Co and Switzerland's ABB. …

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Posted by on Sep 29 2013. Filed under TECHNOLOGY. You can follow any responses to this entry through the RSS 2.0. Responses are currently closed, but you can trackback from your own site.

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