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Friday, May 30, 2014

Siemens will cut 11,600 jobs to reduce costs by $1.3 billion-Business Week

5/30/14, "Siemens to Remove 11,600 Positions as Company Cuts Costs," businessweek.com

"Siemens AG (SIE)’s chief executive officer said Europe’s largest engineering company will eliminate at least 11,600 positions as it cuts about 1 billion euros ($1.34 billion) in costs. 

The planned cuts, which represent as much as 3 percent of the workforce, include 7,600 that will go as the company aims to create a leaner divisional structure, CEO Joe Kaeser told analysts and investors in a webcast conference from New York yesterday. Another 4,000 positions will be cut as the company simplifies regional operations, he said. Some of the employees will be assigned other roles....

Kaeser’s plan to cut jobs at Munich-based Siemens may anger German unions after he promised the French government this month that he would guarantee jobs there for three years if the company buys the energy assets of Alstom SA. (ALO) U.S. rival General Electric Co. (GE:US) offered $17 billion for the maker of France’s power grid and promised the government it will create 1,000 jobs in the country....

Siemens is already cutting 15,000 jobs, of which 5,000 are in Germany, as part of a program started by Loescher to save 6.3 billion euros by the end of this fiscal year."



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