German based company Siemens plans to cut nearly 7000 jobs part of the restructuring process. The trains-to-turbines group employs 343,000 people worldwide, of whom 115,000 are in Germany.
Job cuts include mostly white collar employees with higher per head salaries and indirect costs. The cuts come at a time when Siemens' health-care and energy generation divisions, once the prized assets at Europe's largest engineering company, risk jeopardizing Kaeser's turnaround plan.
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