ZF to cut up to 15,000 jobs by 2025, report says
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FRANKFURT -- German supplier ZF Friedrichshafen plans to cut up to 15,000 jobs, or around 10 percent of its work force, by 2025 as a result of a slump in demand, according to a company memo.
ZF, which helps automakers develop gearboxes and hybrid drivetrains, said in an email to employees that half of the 12,000-15,000 job cuts would be in Germany.
The company employed 147,797 people at the end of 2019, according to its annual report.
"As a result of the demand freeze on the customer side, our company will make heavy financial losses in 2020," CEO Wolf-Henning Scheider wrote in the email memo that was seen by Reuters.
Automotive News Europe