Munich, Rabi'II 17, 1436, Feb 6, 2015, SPA -- German engineering giant Siemens will slash a total of 7,800 jobs as a part of a global restructuring, with 3,300 job cuts occurring in Germany, the company said on Friday. "Our restructuring concept Vision 2020 is aimed at launching the company on a path of sustainable growth and closing the profitability gap to our competitors," Chief Executive Officer Joe Kaeser said. According to AP, Kaeser first announced the restructuring in May. The company aims to slash 1 billion euros (1.15 billion dollars) from operating costs and reduce its divisions from 16 to nine. Kaeser has also said he plans to spin off the medical technology and hearing aid businesses. The company has already announced a separate cull in its energy division that will result in 1,200 job losses. The conglomerate last month posted a 25-per-cent profit dip for the first quarter, largely due to sluggish oil prices. Its health care and energy generation divisions were particularly hard-hit. --SPA 15:23 LOCAL TIME 12:23 GMT www.spa.gov.sa/w