Siemens Planning to Cut Thousands of Jobs -German Media

By Marc Navarro Gonzalez Features Dow Jones Newswires

Siemens AG (SIE.XE) is planning to cut thousands of jobs in its power-and-gas division as part of the company's largest reorganization since 2015, according to a report by German publication Manager Magazin.

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In a move that would result in the company's largest round of job cuts in two years, up to 11 of 23 Siemens locations are to be sold or closed, the magazine reported, citing sources within the company.

Manager Magazin reported that Eastern Germany is expected to be most affected by the reorganization, with Siemens' Erfurt site to be sold and its Goerlitz site set for closure.

The announcement is likely to come in early November, Manager Magazin reported.

A reduction of 1,100 positions in Siemens' German operations was approved in 2015 as part of a cost-saving program.

The Siemens power-and-gas division employs 12,000 people in Germany and 30,000 people worldwide.

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The company wasn't available for immediate comment.

Write to Marc Navarro Gonzalez at marc.navarrogonzalez@dowjones.com

(END) Dow Jones Newswires

October 19, 2017 09:36 ET (13:36 GMT)