Siemens Plans Thousands of Job Cuts Over Two Divisions

[McFurd]

Bloomberg - 10/19/2017 - Oliver Sachgau - Siemens AG is starting what could be its largest round of job cuts in at least two years and may close several sites as part of a reorganization plan, people familiar with the matter said. The retrenchments will fall in the German company’s power-and-gas division and the process industries-and-drives unit, said the people, who asked not to be identified as the plans haven’t been announced. There could be thousands of positions cut in the power and gas business, which makes turbines, while redundancies in process industries will be substantial, one person said. The shares were 0.5 percent lower as of 3:16 p.m. in Frankfurt. Read more @ https://www.bloomberg.com/news/articles ... yptr=yahoo