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Photograph: Photo by David Hall, used under CC BY

German engineering giant Siemens announced plans on Wednesday to cut about 2,500 jobs worldwide in its industrial processing operations amid a slump in demand and falling commodity prices.

The bulk of the job cuts are expected to fall in Germany where about 2,000 jobs could be hit by the move.

"The main goal of the planned measures is to consolidate the activities and optimize the size of manufacturing locations in Europe in order to improve competitiveness in a market environment that continues to be difficult," Siemens said in a statement.

The group also pointed to intense competitiveness in the oil and gas as well as the metal and mining sectors as resulting in a need to restructure part of its industrial workforce.

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