Siemens AG, the industrial firm has announced on Thursday that it will cut an additional 4,500 jobs after planning to eliminate 7,800 jobs worldwide announced in February.

Siemens has confirmed that roughly 5,100 jobs would be cut in total in Germany including those which were announced earlier in the year.

The cuts were announced in February aiming to save one billion euros ($1.13 billion) for the company by 2016 for the purpose of investment in growth, productivity and innovation initiatives.

CEO Joe Kaeser said that once the cuts have been made, the company’s restructuring process would be finished, while Siemens was looking to create an additional 11,000 jobs, of which 1,500 would be in Germany.