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Wednesday 18.07.2018 | Name days: Rozālija, Roze

Siemens said to prepare 1,400 job cuts

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Siemens AG is preparing to eliminate between 1,200 and 1,400 jobs at three sites of its energy and infrastructure businesses to bolster profitability, according to a person familiar with the matter.

Europe’s biggest engineering company is in talks with union representatives about cuts at operations in the German cities of Erlangen, Offenbach and Leipzig, said the person, who asked not to be identified as the plans are not public.

Chief Executive Officer Peter Loescher in October outlined a two-year efficiency plan to simplify processes, eliminate redundant functions and examine units not meeting profit expectations. While he said that redundancies are not the main focus of the plan to reduce costs by 6 billion euros ($7.8 billion) by 2014, the company has identified about 8,000 potential job cuts globally, a person familiar with the plan said at the time. Siemens has about 370,000 employees, according to Bloomberg.

Siemens said in an e-mailed statement today that the company talked yesterday to union representatives about its plans to reduce costs in the next two years. The company didn’t give a figure for potential job cuts.

Further details about the planned cuts will be presented to employee representatives in the coming weeks, the person said today.

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