Siemens AG (SI) To Cut 1,000 Energy Jobs In Germany To Save 6 Billion Euros And Expand Energy Operations In South Korea

on June 11 2013 9:03 AM
RTR3CTSM
Peter Loescher, chief executive of German engineering conglomerate Siemens AG addresses the media ahead of the company's annual shareholder meeting in Munich January 23, 2013. Reuters / Michael Dalder

Siemens AG (NYSE:SI) plans to cut 1,000 jobs from its domestic energy division as part of its effort to cut six billion euros in costs by 2014.

The German engineering giant said Tuesday that it will eliminate 340 jobs from its energy-solutions unit in Erlangen and Offenbach in an apparent reaction to a decline in orders in Europe, according to the Frankfurter Allgemeine Zeitung.

Then it will then cut another 650 jobs from Erlangen and Offenbach to make way for new jobs it will create in its South Korea division to strengthen its operations in Asia.

In December Siemens announced that it would slash 1,100 energy division jobs in Germany.

More News from IBT MEDIA