Germany’s Siemens announces 2,700 job cuts

German industrial equipment maker Siemens says it is cutting 2,700 jobs globally at its power and gas company as it seeks to make cost savings.

Siemens said Tuesday that the cuts include 1,400 jobs in Germany and would take place over the course of several years.

The layoffs come in addition to the 10,400 from its core units that the company already announced last month.

Siemens in May said it was undertaking a major restructuring that would involve spinning off its oil, gas and power generation business and creating new areas of growth.

The company plans to save 2.2 billion euros ($2.5 billion) in costs by 2023.

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