Summary:

The German engineering group has announced a $4.3 billion (3 billion euro) overhaul that would cut about 16,750 jobs, sell off a unit and lo…

The German engineering group has announced a $4.3 billion (3 billion euro) overhaul that would cut about 16,750 jobs, sell off a unit and lower administrative expenses, Bloomberg reported. While administrative costs will see the bulk of the cuts, the company’s mobility division will incur restructuring costs of $224 million-280 million (160 million-200 million euros). Though Siemens said Q4 business has been “pleasing” so far, CEO Peter Loescher plans to cut up to $1.7 billion (1.2 billion euros) in general costs by 2010 and sell Siemens Enterprise Networks to U.S. financial investor Gores Group. Costs at the healthcare division will be $112 million-140 million (80 million-100 million) euros and the planned creation of the Siemens foundation will cost $560.5 million (400 million euros).

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