Siemens will cut 6,800 jobs at its corporate telecommunications unit after failing to find a buyer for the division for almost two years.
Europe's biggest engineering company will cut about 3,800 jobs directly, and a further 3,000 employees will be taken of the payroll through selling factories or setting up partnerships, Siemens said.
About 3,200 jobs are affected in Germany, according to Siemens.
The engineering company put the division up for sale when it created a network partnership with Finland's Nokia Oyj in 2006.
Siemens rose as much as €2.26, or 2.6 per cent, to €90.96 in Frankfurt, and traded at €90.92 as of 9.55am. Before today, the stock had lost 19 per cent this year.
Agencies
