Reuters — Siemens (NYSE:SI) will cut “noticeably” fewer jobs in Germany than planned as orders have improved and compromises were reached in labor talks, Handelsblatt reported, citing sources close to the negotiations.
Compromise had become possible at some of the German industrial company’s sites that reached internal cost targets, the newspaper said, citing industry sources, in a summary of an article to be published tomorrow.
Siemens said talks were still ongoing and declined to comment further.
The German conglomerate announced in May plans to cut 4,500 jobs on top of 7,400 cuts already announced as it battles to cope with subdued economic growth and weak demand from energy customers. Of the additional cuts, 2,200 were to be in Germany.
The trains-to-turbines group employs about 340,000 people worldwide, including about 115,000 in Germany where trade unions are strong.