06/07/2020

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

FRANKFURT — German auto supplier ZF Friedrichshafen designs to cut up to fifteen,000 work opportunities, or...

FRANKFURT — German auto supplier ZF Friedrichshafen designs to cut up to fifteen,000 work opportunities, or all over ten p.c of its get the job done power, by 2025 as a consequence of a slump in need, according to a enterprise memo.

ZF, which can help automakers develop gearboxes and hybrid drivetrains, stated in an e-mail to staff that 50 percent of the 12,000-fifteen,000 position cuts would be in Germany.

The enterprise utilized 147,797 men and women at the finish of 2019, according to its annual report.

“As a consequence of the need freeze on the client aspect, our enterprise will make hefty financial losses in 2020,” CEO Wolf-Henning Scheider wrote in the e-mail memo that was witnessed by Reuters.

“These losses threaten our financial independence,” he wrote. “The crisis will final lengthier, and even in 2022 we will drop significantly brief of our targets for gross sales.”

A spokesman declined to comment.

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