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Siemens Cuts 2,000 Telecoms Jobs

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FRANKFURT, Germany, May 10 -- Siemens AG said it will cut an additional 2,000 jobs from its ICN fixed network business, bringing the total number of jobs lost at the unit as part of a cost-cutting drive to 5,500. The German electronics and engineering group also said it would cut back start-up costs at its US broadband and optical networks units as part of a package of measures to ensure the Information and Communication division meets profitability targets set last December.

Total cost savings at the ICN unit are expected to reach 800 million euros. The worsening climate in the telecoms equipment market hit Siemens second quarter results last month, forcing the group to suspend its previous forecast that earnings growth would outpace sales in 2001.

The latest job cuts follow 2,600 job losses at the ICM mobile unit, bringing the total so far to 8,100.
May 2001
CommunicationsindustrialNews & Features

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