Siemens confirmed Tuesday that it would cut thousands of jobs in its Siemens Enterprise Communications (SEN) division. In Germany alone, 2,000 jobs are to be eliminated, with a global total of 3,800 cuts, the company announced from its Munich headquarters. The company also plans to shed an additional 3,000 workers, either by selling factories or setting up partnerships with other companies. Around 1,200 of those cuts are expected in Germany.
Siemens appears to be restructuring the division to make it more attractive for a buyer -- and prevent a repeat of the debacle (more...) that plagued the spinoff of its mobile phone division, which was haemorrhaging €1 million a day by the time it was sold to Taipei-based BenQ in 2006. BenQ had to declare bankruptcy shortly after it purchased the Siemens division, causing thousands of layoffs.