FRANKFURT, Germany (AP) -- German industrial conglomerate Siemens AG said Wednesday the company planned to cut jobs as a result of the economic downturn, but didn't specify how many.
Media reports last week said the company would slash up to 4 percent of its worldwide work force, or about 17,200 jobs.
Siemens chief executive Peter Loescher and personnel chief Siegfried Russwurm said in a statement that the company would hold discussions with labor representatives and then with employees on the cuts. They said they planned to disclose the size of the cuts publicly next Tuesday at a news conference.
"We're seeing the first clouds on the business cycle sky, and are therefore making Siemens weather ready," Loescher said in the statement.
Siemens builds products ranging from light bulbs amd medical equipment to high-speed trains and power turbines.
The Sueddeutsche Zeitung reported that the Munich-based company was set to shed about 17,200 jobs -- mostly white-collar and administrative. It did not cite its sources. The Wall Street Journal also reported a similar figure, citing a person who was familiar with the matter.
Siemens shares were down about 1 percent in Frankfurt afternoon trading at 69.51 euros ($109.83)