Siemens AG : Siemens Eliminates 220 Jobs in Switzerland
09/20/2012| 08:06am US/Eastern
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German industrial conglomerate Siemens AG (SI) is planning to cut approximately 220 building technology jobs in Switzerland, mainly due to the cooling global economy and a strong Swiss franc, the company said Thursday.
The company is shifting production to the Swiss city of Zug from Volketswilin, Switzerland, and in the process 140 positions will be eliminated. About 80 administrative jobs will also be cut, Siemens said in a statement.
Siemens currently employs 1,900 workers at the Swiss building technologies headquarters, out of a total of 6,000 employees in Switzerland.
The news follows Siemens' July announcement on planned cost cuts, after it reported disappointing quarterly data.
Write to Ursula Quass at ursula.quass@dowjones.com
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