French heavy engineering group Alstom, known for its high-speed trains, revealed a cost-cutting restructuring on Wednesday to counter weak prospects for growth, signalling job cuts and asset sales.
The group said that it would shed at least 1,300 jobs, most of them in Europe, and that it intended to sell part of its railway equipment division and other assets to raise 1.0-2.0 billion euros by the end of 2014.
The company said that it was aiming to cut costs by about 1.5 billion euros ($2.0 billion) per year by 2016.
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