12/07/2020

Ordiate

A Class Of Its Own

ZF to cut up to 15,000 jobs by 2025, report says

FRANKFURT — German vehicle supplier ZF Friedrichshafen plans to reduce up to fifteen,000 jobs, or all-around...

FRANKFURT — German vehicle supplier ZF Friedrichshafen plans to reduce up to fifteen,000 jobs, or all-around ten p.c of its get the job done pressure, by 2025 as a result of a slump in desire, in accordance to a corporation memo.

ZF, which allows automakers establish gearboxes and hybrid drivetrains, explained in an electronic mail to workforce that fifty percent of the twelve,000-fifteen,000 position cuts would be in Germany.

The corporation utilized 147,797 persons at the conclude of 2019, in accordance to its annual report.

“As a result of the desire freeze on the purchaser facet, our corporation will make large economical losses in 2020,” CEO Wolf-Henning Scheider wrote in the electronic mail memo that was viewed by Reuters.

“These losses threaten our economical independence,” he wrote. “The crisis will last for a longer time, and even in 2022 we will drop significantly short of our targets for income.”

A spokesman declined to comment.

German media together with DPA and Suedkurier initially claimed the prepared cuts.