Germany's Siemens says it plans to close or sell its train plant in Prague by September 2009

Germany's conglomerate Siemens AG said Wednesday it plans to close or sell its train-production plant in Prague by the end of September 2009. Siemens said in a statement the move is part of the planned restructuring of its Mobility division. It said it will concentrate its train production in plants in Germany's Krefeld-Uerdingen and Munich, and Vienna, Austria. Earlier this month, Siemens said it would cut 16,750 jobs, or about 4.2 percent of its global work force — mostly administrative-related positions — to streamline its operations in the face of a slowing economy. The Czech branch of Siemens has more than 12,500 employees in this country, including 990 in the train plant in Prague. Today in Business with... [read full story]