Siemens to cut over 3,000 jobs in industrial

German engineering giant Siemens said Thursday it is planning to cut over 3,000 jobs in its industrial division as part of a vast plan to save six billion euros ($8 bn) as it faces falling profits. In a presentation published on its website, the company said 500 jobs would be cut at its Munich headquarters, while a further 500 positions would be lost by reducing mechanics factories in Germany from four to two. The closure of a factory in Pakistan would result in 200 job losses and another 200 positions would be moved from Germany to the Czech Republic. In addition 1,700 sales positions would be lost. Siemens, which is Europe's largest engineering and electronics company, is facing growing profit losses and is targeting 1.1 billion euros in productivity gains in its industrial division by the end of 2014, unit head Siegfried Russworm said. At the end of 2012 the group announced some 1,100 job cuts in Germany in its energy division.