Where the jobs are going and who will loose.......
Siemens said on May 18 it had reached an agreement with staff that will result in 300 fewer jobs being cut at a site in western Germany. As a result of planned production changes in Bad Neustadt, "only 540 jobs will be cut instead of the 840 originally planned," a statement said.
The site is to be developed into "an innovation and technology center," it added.
Manufacturing of low-voltage motors in Bad Neustadt is to be moved to a plant in Mohelnice, Czech Republic, the group said, following "a reconciliation of interests" with its central works council.
Siemens manufactures a broad range of products from light bulbs to medical equipment, nuclear power stations, power turbines and high-speed trains.
At the end of September it employed around 405,000 workers worldwide.
We will see company profits rise because of the downsizing, that is a good thing....