Business Standard

Tuesday, December 24, 2024 | 07:15 AM ISTEN Hindi

Notification Icon
userprofile IconSearch

Car parts supplier Brose to cut 2,000 German jobs as auto sector struggles

Brose Group is a family-owned company and employs 26,000 workers globally.

IT layoffs
Premium

IT layoffs

Reuters Berlin
German autos supplier Brose Group said on Thursday it was cutting 2,000 jobs in Germany over the next three years due to a slump in earnings, blaming a declining Chinese market, changes in the car industry and global price pressure.

The family-owned company, which employs 26,000 workers globally, said the job cuts would reduce hierarchy and simplify the business, adding it was relocating work to low-wage countries to improve competitiveness.

"We want to improve quality ... and reduce costs in the mid three-digit million range to increase our competitiveness," Chief Executive Kurt Sauernheime said in a statement.

In May, Brose launched a savings

What you get on BS Premium?

  • Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
  • Pick your 5 favourite companies, get a daily email with all news updates on them.
  • Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
  • Preferential invites to Business Standard events.
  • Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in