MUNICH, Germany (Reuters) – Siemens <SIEGn.DE> has agreed with labor representatives to cut 1,700 jobs in Germany, fewer than originally planned, as part of a restructuring of its Process Industries and Drives unit, which has been hit by weak demand from the oil and gas sector.
A spokesman for the German engineering group said on Tuesday the cuts would take place over four years and there would be no compulsory redundancies.
Siemens had said in March it would cut around 2,500 jobs worldwide in areas related to the oil and gas, metals and mining sectors, of which about 2,000 would be in Germany.
It expects restructuring charges of 250-300 million euros ($281-$337 million) for the layoffs.
(Reporting by Irene Preisinger; writing by Georgina Prodhan; editing by Jason Neely)