By Anthony Shevlin 
 

Siemens AG (SIE.XE) said Tuesday that it will cut further job cuts in its gas-and-power unit by 2023.

The German industrial conglomerate said it plans to cut 2,700 jobs in the unit, of which around 1,400 are in Germany.

Siemens said the job cuts are part of a planned cost reduction of 500 million euros ($561.1 million).

Siemens said it expects a net increase in its workforce despite the layoffs. The company expects a net increase of around 10,000 jobs worldwide within the same time period.

In May, the company said it would spin off its struggling gas-and-power unit to shareholders and that it would call for the public listing of the new company to take place by September 2020.

The additional savings, which Siemens previously announced last month, will be enabled by the set up of the gas-and-power operating company.

Write to Anthony Shevlin at anthony.shevlin@dowjones.com; @anthony_shevlin

(END) Dow Jones Newswires

June 18, 2019 11:30 ET (15:30 GMT)