Siemens said on May 18 it had reached an agreement with staff that will result in 300 fewer jobs being cut at a site in western Germany.
As a result of planned production changes in Bad Neustadt, "only 540 jobs will be cut instead of the 840 originally planned," a statement said.
The site is to be developed into "an innovation and technology center," it added.
Manufacturing of low-voltage motors in Bad Neustadt is to be moved to a plant in Mohelnice, Czech Republic, the group said, following "a reconciliation of interests" with its central works council.
Siemens manufactures a broad range of products from light bulbs to medical equipment, nuclear power stations, power turbines and high-speed trains.
At the end of September it employed around 405,000 workers worldwide.
Copyright Agence France-Presse, 2010