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.
Malik Singleton covers manufacturing and other economic news. His previous roles were with City Limits, TIME.com, Black Enterprise and PCMag.com. He is an adjunct at CUNY's...