Siemens announces 4,500 more job cuts
German engineering company Siemens is set to cut 4,500 jobs on top of a previously announced 7,800 cuts.
The Munich-based industrial group said some 2,200 of the latest redundancies will be in Germany itself and the rest from elsewhere around the world, where it employs more than 300,000 people in total.
Siemens’ newly announced job cuts came after another 7,800 cuts were announced in February as part of the firm’s ongoing redundancy measures.
The firm’s chief executive, Joe Kaeser, unveiled a mass restructuring plan in May 2014 aimed at dramatically reducing both the number of divisions and hierarchy levels within the company by 2016.
The restructuring plan aims to downsize of the organization and produce savings of about one billion euros (1.2 billion dollars) and boost profitability by focusing on certain divisions, such as energy, medical equipment and digitized systems for industry and transport.
Siemens is the largest engineering company on the European continent with a reported annual revenue of around 71.9 billion euros (86.2 billion dollars) in 2014.