Siemens Electronics Assembly<br>Systems to cut 330 jobs

The Group plans to transform this division, which manufactures assembling machines for electronic components and circuit boards, into an independent subsidiary by Q3/08, reported the Financial Times. According to media reports these measures will also affect the Siemens unit in Munich. In addition, this unit has already lost 150 posts. However, these job cuts are not part of Siemens's savings programme. As evertiq reported earlier, the company plans to save approximately €1.2 billion in costs and terminate up to 15000 contracts for management and administration positions.