German car parts supplier Brose to cut 2,000 jobs as auto sector struggles

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German car parts supplier Brose to cut 2,000 jobs as auto sector struggles

German autos supplier Brose Group said on Thursday that it was cutting over 2,000 jobs in Germany in the coming years due to a slump in earnings. The car parts supplier blamed it on a declining Chinese market, changes in the car industry, and global financial pressure.

The family-owned company said the job cuts were to reduce hierarchy and simplify the business. They added that it was relocating work to low-wage countries to improve competitiveness.

“We want to improve quality…and reduce costs in the mid three-digit million range to increase our competitiveness,” Chief Executive Kurt Sauernheimer said in a statement.

The information and recommendations contained in this analytical document are published strictly for information purposes and are not considered as an offer to buy or sell the trading tools mentioned above and are not intended to motivate to perform certain transactions
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