The company has approximately 60,000 employees worldwide, 17,000 of whom are in Germany (representative)
frankfurt, Germany:
Bosch Group said on Friday it would cut 3,500 jobs at its Bosch electronics unit by 2027, the latest in a series of layoffs by the German manufacturer as it battles rising costs and weak demand.
BSH said in a statement that the company must “reduce complexity and costs” in order to “maintain its competitiveness” in a challenging economic environment.
“Existing structures must be reviewed” and adapted to new growth markets, the report said.
“This includes adjusting the staff structure and personnel costs to the new requirements.”
BSH added that the elimination of global jobs will affect “indirect” workers, referring mainly to administrative positions.
It is said that about 1,000 jobs will be laid off this year.
BSH Home Appliances was established as a joint venture between Bosch and Siemens in 1967 and became a wholly-owned subsidiary of Bosch nearly ten years ago.
The company has approximately 60,000 employees worldwide, 17,000 of whom are in Germany.
Germany’s once-powerful industrial sector is struggling to emerge from a slump, hit hard by soaring energy costs following Russia’s war in Ukraine, as well as the impact of rising interest rates and cooling exports.
Bosch Group had announced in December plans to cut 1,500 jobs at its automotive supply business as Germany’s key automotive industry undergoes major changes in its transition to electric vehicles.
Meanwhile, BSH rival Miele said earlier this month it would cut up to 2,700 jobs as part of a cost-cutting drive.
Chemicals giant Bayer said last month it planned to cut jobs “significantly”.
On Friday, rival BASF joined the ranks and said it would “further cut jobs” and unveiled a €1 billion savings plan.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
