SIEMENS TO RESTRUCTURE, WILL CUT ABOUT 10,000 JOBS
German industrial equipment maker Siemens says it will cut some 10,000 jobs in a major restructuring that will involve spinning off its oil, gas and power generation business. The company said it would spin off its division that makes power turbines while embarking on a cost-cutting effort at its remaining operations. The company plans to take out 2.2 billion euros in costs by 2023, in the course of which it will drop some 10,400 positions. The company says it expects growth to create some 20,500 new jobs by 2023, for a net gain of around 10,000.