Thyssenkrupp to Cut Up to 1,500 Jobs at Industrial Solutions
August 31 2017 - 12:44PM
Dow Jones News
By Max Bernhard
Thyssenkrupp (TKA.XE) said Thursday it plans up to 1,500 layoffs
over the next three years as part of cost-cutting efforts in its
Industrial Solutions unit.
The cuts at the construction and naval shipbuilding unit come on
top of 500 layoffs previously announced.
"To ensure Industrial Solutions can compete in the market over
the long-term, we need a more efficient and effective set-up that
goes for our cost structure as for our global presence," said Peter
Feldhaus, chief executive of the Industrial Solutions unit.
Although new orders had recovered, the business unit was still
oversized measured against recent orders, Mr. Feldhaus added.
Over the next three years, the layoffs could increase income by
up to EUR200 million ($239 million) for the business that employs
roughly 21,000 people, Thyssenkrupp said.
The Industrial Solutions board has presented its plans to
employee representatives and talks will be held on how the layoffs
can be achieved in a socially responsible way, the company
added.
Thyssenkrupp had announced in July that it plans to cut between
2,000 to 2,500 jobs.
Write to Max Bernhard at Max.Bernhard@dowjones.com;
@mxbernhard
(END) Dow Jones Newswires
August 31, 2017 12:29 ET (16:29 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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