Bosch To Cut Over 7,000 Jobs In Germany
The job cuts will take place primarily within the automotive supply sector, tools department and BSH household appliances division
Bosch CEO Stefan Hartung revealed that the company will not meet its economic targets for 2024, prompting significant job cuts. Over 7,000 positions are set to be eliminated in Germany, primarily within the automotive supply sector, tools department, and BSH household appliances division. Hartung also warned of potential further staff reductions, stating that adjustments to staffing resources could be necessary.
In 2023, Bosch reported revenues of nearly 132 billion Canadian dollars but expects a decrease in return on sales from 5 per cent last year to 4 per cent this year, with a goal of reaching 7 per cent by 2026.
Despite these challenges, Bosch is pursuing strategic growth through its largest acquisition to date. The company is acquiring Irish firm Johnson Controls for 11 billion Canadian dollars to bolster its position in the heat pump and air conditioning industry.
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