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Siemens to slash 1,000 jobs
Frankfurt: As a part of a restructuring, German based Siemens plans to slash at least 1,000 jobs in its SIS information technology.
According to The Handelsblatt newspaper report, the company would slash 1,000 jobs as part of a possible sale of the unit. Siemens Finance Chief Joe Kaeser had said in January that the company would spin off SIS and did not rule out an IPO or a sale.
Currently SIS has around 35,000 employees, including almost 10,000 in Germany and around 12,500 elsewhere in Europe, Italy and Slovakia. In all, Siemens has already spent 500 million euros ($690 million) to restructure various divisions, and has eliminated 23,000 jobs, employing a total of 405,000 worldwide at the end of last year.
According to The Handelsblatt newspaper report, the company would slash 1,000 jobs as part of a possible sale of the unit. Siemens Finance Chief Joe Kaeser had said in January that the company would spin off SIS and did not rule out an IPO or a sale.
Currently SIS has around 35,000 employees, including almost 10,000 in Germany and around 12,500 elsewhere in Europe, Italy and Slovakia. In all, Siemens has already spent 500 million euros ($690 million) to restructure various divisions, and has eliminated 23,000 jobs, employing a total of 405,000 worldwide at the end of last year.
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