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Tuesday, July 8, 2008

Siemens cutting 16,750 jobs worldwide


 

FRANKFURT, Germany (AP) 

 

Industrial conglomerate Siemens says it is
cutting 16,750 jobs worldwide because of the slowing economy. The cuts
amount to 4.2 percent of its global work force.


Siemens builds products ranging from light bulbs and medical equipment
to high-speed trains.

The Munich-based maker of trams and wind turbines said Tuesday the
cuts will include 12,600 mostly administrative jobs, along with
another 4,150 positions in a restructuring in some of its units.

Chief financial officer Siegfried Russwurm says Siemens will seek
early retirements and possible buyouts to avoid forced layoffs and
dismissals.

Last week, chief executive Peter Loescher all but confirmed that
massive cuts were in the offing.

In a July 2 statement, he said: "We're seeing the first clouds in the
business cycle sky, and are therefore making Siemens weather ready.."



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