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Siemens to axe 11,600 jobs around the world

German industrial giant Siemens said yesterday that it plans to eliminate about 11,600 jobs around the world as part of a major restructuring.

A company spokesman said some staff might be redeployed but refused to say how many, adding the company was in talks with its works council.
Around 7,600 positions will be axed as part of an overhaul announced by company boss Joe Kaeser on May 7 in which 16 divisions will be consolidated into nine.
Another 4,000 jobs will be cut as part of a “regrouping” of regional activities. Kaeser aims to slash annual costs by €1 billion (£81 million) from 2016.
The job cuts are in addition to 15,000 already slashed under a previous cost-cutting plan.
Siemens said in November that it expected 2014 earnings per share to rise by at least 15 per cent, more than double the 2013 7.2 per cent growth rate.

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