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Siemens CEO confirms major restructuring, hints job cuts

Posted: 09 Jul 2008 ?? ?Print Version ?Bookmark and Share

Keywords:job cut? Siemens layoffs? company restructure?

Siemens CEO Peter Loescher has confirmed that a major restructuring is on the cards, after reports circulated that the company is set to lay off 17,000 workers, according Agence France Presse.

Loescher told the Bild newspaper that the company targets to saving about $1.9 billion dollars, mostly in administration costs, by 2010.

The Suddeutsche Zeitung and the Financial Times said June 28 that Siemens planned to cut 17,200 jobs from its 400,000 workforce including 6,400 in Germany alone.

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