Siemens to Cut Another 4,500 Jobs Amid Oil Prices Downturn

Thursday, May 7, 2015
By Paul Martin

SputnikNews.com
07.05.2015

Germany-based Siemens AG will reduce overhead costs by 1 billion euro ($1.1 billion) and cut another 4,500 jobs worldwide in 2015.

MOSCOW (Sputnik) — Germany-based Siemens AG announced an intention to cut another 4,500 workplaces to reach targets set for the year amid difficult environment in the global energy market, the company said in a statement Thursday.

“The reorganization will affect about another 4,500 jobs worldwide, of which some 2,200 are currently expected to be in Germany,” the company said in a statement published on its website.

The decision will reduce overhead costs by 1 billion euro ($1.1 billion) in 2015, according to the company.

“These measures are being taken in response to the persistently difficult environment in the global power generation market,” the company explained.

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