Siemens Axing 7,800 Jobs

GALWAY, IRELAND--February 12, 2015 --Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland) German engineering giant Siemens AG (NYSE:SI) (Munich, Germany) has announced 7,800 job cuts in a move that it claimed will bring its aggressive restructuring process to an end.

The company said the cuts - 3,300 of which will be in Germany - will streamline its "administrative and overhead functions". It will also save about €1 billion ($1.13 billion) which will be "invested in innovation, productivity and growth initiatives", the company stated.