Siemens restructuring includes 16,750 job cuts globally

07/9/2008 | Spiegel Online (Germany)

German industrial group Siemens said it is planning to reduce costs by slashing its worldwide workforce by about 4%. The company said the move is necessary because of the global economic downturn. "The speed at which business is changing worldwide has increased considerably, and we're orienting Siemens accordingly," CEO Peter Loscher said.

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