FRANKFURT, GERMANY - Industrial conglomerate Siemens AG said Tuesday that it will cut 16,750 jobs, or 4.2 percent of its global work force, to streamline operations and slice nearly $2 billion in costs in the face of a slowing economy.

The Munich-based maker of products ranging from light bulbs and medical equipment to high-speed trains and power turbines said the cuts would include 12,600 administrative jobs as well as 4,150 positions involving restructuring projects at its units.

The company has a worldwide work force of about 400,000 people.

"The speed at which business is changing worldwide has increased considerably, and we're orienting Siemens accordingly," chief executive Peter Loescher said in a statement announcing the cuts. "Against the backdrop of a slowing economy, we have to become more efficient."

Siemens employs more than 2,100 in North Carolina. In February, Siemens Medical Solutions announced plans to expand its operations in Cary and create as many as 300 jobs over the next five years. That expansion remains on track, Cary Mayor Harold Weinbrecht said Tuesday.