Up to 14,000 jobs to be cut. ZF Friedrichshafen executives in Baden-Württemberg, Germany, have long tried to limit the impact of their multi-billion euro cost-cutting programme, but have failed.
The manufacturer of transmission and chassis systems had to decide at the end of July to announce that its workforce in Germany (54,000 people) will be reduced by almost a quarter by 2028. The main reason for this bloodletting is its high debt following several acquisitions, including those of the American equipment manufacturer TRW in 2015 and the brake manufacturer Wabco in 2020.
Also battered by pressure from its customers on costs in a context of non-linear growth in sales of electric vehicles, ZF wishes to concentrate on long-term growth segments, such as “commercial vehicles, chassis and spare parts”, explains the company.
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Source: www.usinenouvelle.com
