December 02, 2008

Siemens and unions agree on job cut plans - Report

Reuters reported that Siemens management and labor representatives have agreed on a framework to implement job cut plans.

A Siemens spokesman declined to comment but said a statement regarding job cuts could be expected on Wednesday.

The engineering group announced earlier this month it plans to slash almost 17,000 jobs worldwide to speed up cost savings and boost margins. At the time Siemens had also said it planned to dispose of its industrial services unit SIMS but the source said the unit would now remain with Siemens and be restructured.