Siemens CEO to cut jobs, close offices as profits shrink

Germany’s Siemens may outline job cuts and office closures on Thursday to stop profits sliding as customers put off ordering engineering equipment because of Europe’s economic crisis.

Chief executive Peter Loescher’s strategy of boosting growth with energy-saving and infrastructure products has not worked and analysts expect him to present managers with a plan of up to 4 billion euros (US$5.2 billion) in savings.

Germany, Europe’s largest economy, has been resilient to the euro zone crisis, with exports from successful industrial companies driving growth.

via Business feed http://www.scmp.com/business/companies/article/1058631/siemens-ceo-cut-jobs-close-offices-profits-shrink