Berlin: German engineering giant Siemens announced that it plans to cut 2,500 jobs worldwide in order to improve competitiveness, the media reported on Thursday.
A total of about 2,500 jobs worldwide, of which 2,000 are in Germany, primarily in Bavaria, will be affected by the realignment, Xinhua reported citing a statement released on the company's official website on Wednesday.
Siemens stated that current locations will be retained, repeating that the main goal of the planned measures is to consolidate the activities and optimise the size of manufacturing locations in Europe in order to improve competitiveness in a market environment that continues to be difficult.
"Plunging demand in raw materials markets has led to a significant intensification of competition, particularly in Asia. To guarantee our competitiveness, we've got to adapt to these conditions," said Juergen Brandes, CEO of Siemens' process industries and drives division.
(With inputs from agencies)