Siemens to Cut 7,000 Industrial Services Jobs

Siemens, Germany’s largest electronics and engineering company, will cut 7,000 industrial services jobs, or a fifth of the business unit’s work force, after the division fell into the red.

The cuts, which include selling businesses that employ 5,000 people and shedding 2,000 jobs, will help save more than $464 million. The company didn’t give a time frame for the moves.

Siemens shares fell 42 cents to $64.35 on the NYSE.