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Rail News: Rail Industry Trends
7/9/2008
Rail News: Rail Industry Trends
Siemens to cut 12,600 jobs worldwide
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Citing the need to be more efficient while navigating the "slowing" global economy, Germany-based Siemens AG yesterday announced plans to eliminate 12,600 jobs worldwide and implement "restructuring projects" that'll affect an additional 4,150 positions.
Most of the job cuts will be of the sales and administrative variety. Siemens' Mobility Division — which comprises the company's rail and infrastructure logistics business units — plans to slash 2,500, including 700 in sales and administrative functions, and 1,800 in engineering and production, primarily in Europe. Worldwide, Siemens employs 400,000.
The electronics/electrical engineering giant also plans to sell its Segment Industrie Montage Services unit.
"The speed at which business is changing worldwide has increased considerably, and we're orienting Siemens accordingly," said Siemens President and Chief Executive Officer Peter Löscher in a July 8 statement. "Against the backdrop of a slowing economy, we have to become more efficient."
In November 2007, Siemens announced it intended to reduce sales, general and administrative costs to a "competitive level" — specifically, to cut costs by $1.9 billion by 2010.
Most of the job cuts will be of the sales and administrative variety. Siemens' Mobility Division — which comprises the company's rail and infrastructure logistics business units — plans to slash 2,500, including 700 in sales and administrative functions, and 1,800 in engineering and production, primarily in Europe. Worldwide, Siemens employs 400,000.
The electronics/electrical engineering giant also plans to sell its Segment Industrie Montage Services unit.
"The speed at which business is changing worldwide has increased considerably, and we're orienting Siemens accordingly," said Siemens President and Chief Executive Officer Peter Löscher in a July 8 statement. "Against the backdrop of a slowing economy, we have to become more efficient."
In November 2007, Siemens announced it intended to reduce sales, general and administrative costs to a "competitive level" — specifically, to cut costs by $1.9 billion by 2010.
