Siemens eliminates 15,000 jobs

German industrial conglomerate Siemens AG is planning to cut 15,000 jobs, or about 4% of its workforce by the end of 2014. About half of the targeted positions have already been eliminated in the past year through attrition and severance, according to the company. The job cuts are part of Siemens’ restructuring plan announced earlier this year that will result in more than $8 billion in cost reductions.

Nearly 5,000 of the job cuts will come from the company’s German operations, with roughly 2,000 coming from its industrial division, 1,400 each from the energy infrastructure, and cities units. Siemens is Germany’s second largest company by market value and in all it has more than 370,000 workers worldwide.

Siemens sold its loss-making solar power business and plans to sell other units such as airport luggage systems, water technologies, and mail automation, according to The Wall Street Journal. The cutbacks could be a result of the company’s profits hitting a number of mishaps including delays in completing wind farm projects in the North Sea and delivering high-speed trains to the German railway.

-Bill O’Leary

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