EMCC European Monitoring Centre on Change

Thyssenkrupp

Company/Organisation:
Thyssenkrupp

Geographic Location

Country: World
Location of affected unit(s): Germany, other locations

Company

Sector: Manufacturing
Manufacture of machinery and equipment n.e.c.
28 - Manufacture of machinery and equipment n.e.c.
Number Employed: 157000

Employment Effects

Announcement Date: 10-05-2019
Planned Job Reductions min: 6000
Planned Job Reductions max: 6000
Type of Restructuring: Internal restructuring
Employment Effect Start: 01-07-2019

Additional Information

Thyssenkrupp, the German industrial group, announced a plan to cut 6,000 positions worldwide including 4,000 in Germany after it pulled out from a previous joint venture plan with Indian group Tata Steel. Thyssenkrupp has also announced that it was abandoning its plan to split into two separate entities. The operation aimed to satisfy its shareholders and simplify its profile in the markets; the group, whose share is more than 30% below its level of five years ago, manufactures elevators, submarines, car parts and steel coils.

The group will divest itself of its 'elevators' division, which will be listed on the stock exchange. The CEO said that while the company had a good tradition of avoiding compulsory redundancies, this time it would be difficult to avoid forced dismissals. 

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