German Industrial machinery maker Siemens has said it will slash 7,800 jobs worldwide as part of a restructuring plan aimed at saving almost one billion euros (USD 1.14 billion).
“In a drive to streamline administrative and overhead functions, about 7,800 jobs are to be cut worldwide, including some 3,300 in Germany,” the company said in a statement released on Friday.
Joe Kaeser, the chief executive of Siemens, revealed the plan in May 2014 in a bid to greatly reduce both the number of divisions and hierarchy levels within the Munich-based giant by 2016.
“The savings achieved will be invested in innovation, productivity and growth initiatives, a considerable part of which will be in Germany,” the statement noted.
Siemens, which employs nearly 341,000 staff in almost all the countries of the globe, said last month that the company’s net profit fell by 25 percent to 1.095 billion euros ($1.2 billion) in the last three months of 2014.
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