ThyssenKrupp to slash 800 jobs in automotive sector

Tuesday, 29. September 2020 13:55

ThyssenKrupp AG announced on Tuesday it would be starting the operational realignment of its automotive system engineering activities into two new specialized companies due to the financial crisis caused by the coronavirus pandemic, which will result in the cutting of 800 jobs.

"The market situation in automotive system engineering remains extremely challenging. We don't expect output figures in the auto industry to return to pre-crisis levels for at least two to three years," the company's Chief Executive Officer (CEO) of System Engineering Ingo Steinkruger said. "We will not be losing any technology segments through this but will adapt our site concept and consolidate capabilities."

The ongoing crisis forced ThyssenKrupp to start considering selling most of its steel and marine operations. The company recently reported a net loss of €668 million in the third quarter of the year.

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Breaking the News / JR