Arab Today, arab today siemens to cut 4500 jobs
Last Updated : GMT 12:22:49
Arab Today, arab today
Arab Today, arab today

Siemens to Cut 4500 Jobs

Arab Today, arab today

Arab Today, arab today Siemens to Cut 4500 Jobs

Europe's largest engineering company Siemens
Berlin - QNA

Europe's largest engineering company Siemens plans to cut 4,500 jobs, or about 1% of its total global workforce, months after it announced plans to slash more than 7,000 jobs.

The news came as it announced quarterly profits down 5% at 1.7bn euro ($1.3bn). About 2,200 of the job cuts will come from Siemens' German operations, the BBC reported The company said: "These measures are being taken in response to the persistently difficult environment in the global power generation market." The company's chief executive Joe Kaeser said: "The profitability of our Industrial Business shows that we must still improve some businesses." The company said its long-term strategy remains unchanged.

Siemens, whose business activities include electronics, trains and turbines, employs more than 340,000 people across the world. Siemens shares closed down 1.5% in Frankfurt.

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