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Updated Thursday, March 18, 2010 11:03 am TWN, AFP

Siemens to cut at least 1,000 jobs, restructure IT unit: report

FRANKFURT -- The German industrial group Siemens will cut at least 1,000 jobs as it restructures its SIS information services unit with an eye towards listing it on the stock market, a press report said on Wednesday. Siemens had already said in December it would spin off the division and has raised “the possibility of a stock market listing.”

According to the business daily Handelsblatt, a restructuring plan foresees the elimination of at least 1,000 positions at a cost of several hundred million euros (dollars). The division has 35,000 employees, of which around 9,700 work in Germany, which is where trade unions believe most of the job cuts would come, the report said.

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