The company is likely cut around 5,000 jobs of the total cuts in Germany including 2,000 at its industrial unit and another 1,400 at its energy and infrastructure business, besides terminating another 200 admin roles by the end of September 2014, the company’s spokesman told Reuters.
This decision came on the heels of termination of the company’s former chief executive, Peter Loescher, due to worsening profitability earlier this year.
The company and its unions have reached on consensus to implement about half of the job cuts and are in discussions for the remaining cuts.
In November 2012, Siemens has announced the cost cutting program and set a total sectors profit margin of at least 12%.