Siemens, Germany's largest company in the electronics and engineering sectors, will cut over seven thousand industrial services jobs after the unit fell to a second quarter loss. The plan, which includes selling businesses with five thousand people and shedding a further two thousand jobs, will help save more than half a billion euros ($464 million), said a spokeswoman, Sabine Metzner. The Chief Executive Officer Heinrich von Pierer last year already cut twenty thousand jobs to stem losses at the mobile phone and telecommunications networks units. Siemens employs 443,000 people, more than General Motors or the General Electric Company. “Siemens is showing it's serious about its profitability goals,” said Bernd Laux, an analyst at CAI Cheureux, “It's an important signal.”
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