GERMANY/FILE: German engineering company Siemens to shed 15000 jobs over next year with 5000 in Germany

Record ID: 863373

  • Title: GERMANY/FILE: German engineering company Siemens to shed 15000 jobs over next year with 5000 in Germany
  • Date: 30th September 2013
  • Summary: VARIOUS OF GERMAN NEWSPAPER HEADLINES ABOUT SIEMENS JOB CUTS
  • Embargoed: 15th October 2013 13:00
  • Keywords:
  • Location: Germany
  • City:
  • Country: Germany
  • Topics: Business,Economy,Employment
  • Reuters ID: LVACOEIV5CNNMRIFPCDKKGXPWGXP
  • Aspect Ratio:
  • Story Text: 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 programme.
    The announcement, which was made by a spokesperson on Sunday (September 30), comes two months after the ousting of Chief Executive Peter Loescher who drew up the savings plan late last year. He was replaced by Joe Kaeser in July.
    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.
    Siemens and its unions have reportedly reached an agreement over about half of the job cuts and a deal on the other half will follow, the spokesperson said.
    He added that Siemens wanted to end speculation in the market about the number of jobs that are about to be cut.
    No workers have been laid off so far and Siemens has said it does not intend to make enforced redundancies, relying in stead on attrition and voluntary severance deals.
    In Germany, about 2,000 jobs will be cut at the company's industrial unit and another 1,400 at its energy and infrastructure business, the spokesman said.
    Siemens expects to close the current fiscal year on Monday (September 30) with around 370,000 workers, the same as last year. ($1 = 0.7385 euros) The company refused to speak on camera on Monday.
  • Copyright Holder: REUTERS
  • Copyright Notice: (c) Copyright Thomson Reuters 2013. Open For Restrictions - http://about.reuters.com/fulllegal.asp
  • Usage Terms/Restrictions: Video restrictions: parts of this video may require additional clearances. Please see ‘Business Notes’ for more information.
Register