Siemens Cuts 700 Jobs at Cell-Phone Unit

Siemens, the fourth-largest mobile-phone maker, will cut an additional 700 jobs in its cell-phone division to reduce costs.

Siemens had previously planned to cut 4,600 jobs at the unit.

The Munich, Germany-based company is struggling to make its communications divisions profitable as telecommunications companies around the world slash spending on investments and demand for mobile phones decreases.

Siemens’ fixed-line phone networks division said Monday that it plans to cut 4,000 jobs.

Siemens has announced the cutting of more 42,000 jobs, or 9% of the company’s work force, in the last two years.