Siemens to cut 4200 jobs globally

Siemens AG says it plans to cut 4200 jobs worldwide at its information technology unit as it restructures the business.

The industrial conglomerate said Thursday that it wants to put Siemens IT Solutions and Services, or SIS, "on a solid long-term foundation."

It says the plan calls for eliminating 4200 of the current 35,000 jobs "by 2011." About 2000 of the job cuts will come in Germany.

The company says it plans to achieve the cuts through voluntary departures as far as possible.

Siemens says it also plans to make additional investments of more than 500 million euros ($NZ956.7 million) in the business by 2012. It says the company's organisation will be "considerably simpler" in future.

- AP