Daily Management Review

ThyssenKrupp cuts 11,000 jobs


One of Germany's largest industrial conglomerates, ThyssenKrupp, has announced an additional 7.4 thousand job cuts to optimize business amid the COVID-19 pandemic.

In general, within the framework of the optimization program launched last year, the total number of jobs that will be cut will reach 11 thousand within three years.

Commenting on the decision, ThyssenKrupp's head of human resources, Oliver Burkhard, said the company was "undergoing one of the largest business restructurings in ThyssenKrupp's history."

“Unfortunately, this is associated with further reductions, alas, we cannot do without it. We will resolve this issue together with representatives of the labor collective and will look for suitable options depending on the scale and complexity of the economic situation. Forced dismissals remain only a last resort, although we cannot completely rule out them,” said Mr. Burkhard.

At the end of the fiscal year ended September 30, ThyssenKrupp received 17% less orders than a year earlier, for € 28.2 billion.

Sales fell 15% to € 28.9 billion, while net profit was € 9.6 billion, including the sale of the elevator division for € 15 billion. Since the beginning of this year, ThyssenKrupp shares have lost almost 63%.

source: dw.de