Siemens AG has shed 2,000 jobs in Germany since last September and says it will keep shifting production abroad to cut costs and stay competitive. It says it will invest $3,400m in the Asia- Pacific region by the year 2000 and aims to double its annual business volume there to about $13,600m. The move comes as part of an effort to redress the imbalance of having 60% of its production in Germany with 60% of business coming from abroad, but the company says it will continue to hire staff in Germany in growth sectors such as semiconductors and mobile phones. Orders stagnated in the first quarter to December 31 but January figures put them back in line, says Siemens and admitting concern about European economic developments, but saying currency trends were giving some relief. The company saw net profit up by 26% $1,430m, and predicted sales in 1995/96 up some 4% to around $63,500m. Computer arm Siemens Nixdorf Informationssysteme AG expects to show pre-tax profits soaring to $206m in 1 995-96, up from a profit of $42.6m in 1994-1995.
