Thyssenkrupp to Cut Up to 1,500 Jobs at Industrial Solutions

By Max BernhardFeaturesDow Jones Newswires

Thyssenkrupp (TKA.XE) said Thursday it plans up to 1,500 layoffs over the next three years as part of cost-cutting efforts in its Industrial Solutions unit.

The cuts at the construction and naval shipbuilding unit come on top of 500 layoffs previously announced.

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"To ensure Industrial Solutions can compete in the market over the long-term, we need a more efficient and effective set-up that goes for our cost structure as for our global presence," said Peter Feldhaus, chief executive of the Industrial Solutions unit. Although new orders had recovered, the business unit was still oversized measured against recent orders, Mr. Feldhaus added.

Over the next three years, the layoffs could increase income by up to EUR200 million ($239 million) for the business that employs roughly 21,000 people, Thyssenkrupp said.

The Industrial Solutions board has presented its plans to employee representatives and talks will be held on how the layoffs can be achieved in a socially responsible way, the company added.

Thyssenkrupp had announced in July that it plans to cut between 2,000 to 2,500 jobs.

Write to Max Bernhard at; @mxbernhard

(END) Dow Jones Newswires

August 31, 2017 12:29 ET (16:29 GMT)