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Business

Siemens to Slash 2,400 Jobs

German electronics giant Siemens announced on Monday its plans to cut 2,400 jobs in the loss-making information technology services unit SBS in Germany over the next two years. The job reductions are an integral part of the 1.5 billion euros ($1.8 billion) in cost-cutting measures to be implemented between now and 2007. Siemens had already said at the beginning of the year that it would axe 950 jobs at SBS, which employs a total workforce of 16,000. Elsewhere within the Siemens group, management was holding talks with unions over "personnel adjustments" at the enterprise networks business in the communications division, the statement said. Siemens gave no indication about the possible size of the job cuts in the communications division, but the powerful IG Metall labor union suggested that around 3,000 jobs could be on the line, while a magazine report last week put said 4,224 jobs could be slashed. A third loss-making division, logistics and assembly systems, is being dismantled on Oct. 1. Its various activities will be spun off or transferred to other parts of the Siemens group. Investors appeared to receive the new of the job-cutting plans well -- around noon, Siemens shares were showing a gain of 0.22 euros or 0.34 percent at 64.12 euros in a generally weaker market.

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