FRANKFURT, Oct. 9 (Xinhua) -- Germany's second largest auto supplier ZF is considering closing more plants as the auto industry is undergoing a difficult transformation towards electro-mobility, German media reported on Wednesday.

Over one third of ZF's plants in Germany could be closed as quickly as possible, Achim Dietrich, chairman of the General Works Council, was quoted as saying by the German business daily Handelsblatt.

This comes after the company announced in August plans to cut between 11,000 and 14,000 jobs in Germany by 2028 as part of a cost-reduction strategy aimed at easing its debt burden.

At the end of September, ZF slightly lowered its financial forecast for this year. "The cost-saving measures from the performance programs are showing visible effects, but the expected burden from the market and sales declines is significantly higher than previously assumed," the company said in a statement. Enditem

Related

Go to Forum >>0 Comment(s)