Siemens to slash 2,000 German jobs

Industrial conglomerate Siemens AG says it plans to slash around 2,000 manufacturing jobs in Germany as part of restructuring measures due to lower market demand.

The company said in a statement Thursday that the job cuts would include roughly 850 jobs in its industry solutions division and drive technology segments. It said the measures were in response to a drop in demand and consolidation in the sector.

Siemens shares were trading up more than 1 percent at euro67.73 ($95) in Frankfurt.