Siemens to slash 2,900 German jobs in 500 million euro cost drive

FRANKFURT (Reuters) – German engineering giant Siemens (SIEGn.DE) on Monday said it would cut around 2,900 jobs in Germany as part of a restructuring plan to achieve 500 million euros ($589.60 million) in cost savings, about half of which are to be in Germany.

Siemens said in a statement the measures were designed to boost the competitiveness of the Power and Gas Division and the Process Industries and Drives division, adding that the announced cost savings would be made at the Power and Gas Division.

In August Siemens said it will combine its five industrial divisions into three operating companies as part of a broader effort to slim down its conglomerate structure.

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(This version of the story has been refiled to add dropped words in lead)

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