Siemens reportedly will cut thousands of jobs as part of new strategy

Siemens (SI) will unveil a new strategy on May 7 to include a reorganization, thousands of job cuts, and the sale of its postal automation and baggage handling business, according to Germany's Manager Magazin, citing senior Siemens managers.

The report also said Siemens would announce an acquisition in the energy sector worth at least €1B ($1.38B), separate to the deal with Alstom currently being considered by Siemens.

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