U.S. Markets closed

Alstom to shed 1,300 jobs in cost-cutting drive

The logo of French power and transport engineering company Alstom is pictured during a news conference to present the company's 2011-2012 annual results in Paris May 4, 2012. REUTERS/Charles Platiau

PARIS (Reuters) - Alstom (ALO.PA) plans to cut 1,300 jobs worldwide, mainly in Europe, as part of a cost-cutting drive that will see it sell a minority stake in its transport business, Chief Executive Patrick Kron said on Wednesday.

The group said it planned to raise 1 to 2 billion euros in asset sales by December 2014 after a lack of large orders hit first-half results.

Kron told reporters on a conference call that the company's balance sheet was solid and that it did not need to raise fresh capital.

(Reporting by Natalie Huet; Editing by James Regan)