Siemens to cut thousands of jobs as part of new strategy -report

FRANKFURT, April 28 Mon Apr 28, 2014 8:37am EDT

Related Topics

FRANKFURT, April 28 (Reuters) - A new strategy to be unveiled by Siemens on May 7 will include thousands of job cuts, Germany's Manager Magazin Online reported on Monday, citing several senior Siemens managers.

It said the strategy would see Siemens' four main divisions - Industry, Energy, Healthcare and Infrastructure & Cities - dismantled, creating a flatter hierarchy and resulting in job cuts of roughly between 5,000-10,000.

It also said Siemens would announce an acquisition in the energy sector worth at least 1 billion euros ($1.38 billion), separate to the deal with Alstom currently being considered by Siemens.

The sale of its postal automation and baggage handling business will also be announced in May, Manager Magazin said.

Siemens declined to comment on the report. ($1 = 0.7227 Euros) (Reporting by Maria Sheahan; Editing by Jonathan Gould)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.