Siemens Cuts 2,500 Mostly German Jobs Amid Commodities Slump
- Engineering company says oil, gas, metals demand has dropped
- Siemens plans to hire 25,000 annually worldwide for digital
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Siemens AG plans to cut about 2,500 mostly German jobs in a bid to stay competitive amid falling demand in energy, mining and metals markets.
In order to eliminate duplicate production sites, about 2,000 of the jobs will be cut in Germany, Siemens said in a statement Wednesday. The cuts will come from business units for so-called large industrial drives and process solutions, with about half of those in Germany to be eliminated and the the rest moved abroad, the company said.