Thyssenkrupp's automotive division to cut 1,800 jobs

FRANKFURT: German industrial group thyssenkrupp is reducing jobs in its automotive division.

"The aim is to cut costs worldwide by over €150 million [$162.3 million], which is to be achieved, among other things, by reducing approximately 1,800 jobs," a statement from thyssenkrupp Automotive Technology said on Thursday.

According to company data, thyssenkrupp Automotive Technology recently had nearly 31,300 employees.

The company plans specifically to cut costs by adjusting investments, reducing tied-up operating capital and implementing a temporary hiring freeze, particularly for positions above a certain salary level.

These cost reductions are part of a group-wide programme.

"The discussions about a new wage settlement create further uncertainty," said the head of the automotive division, Volkmar Dinstuhl, according to the statement.

Numerous car manufacturers and suppliers in Germany have announced sometimes extensive restructuring programmes in recent months.