Automotive parts giant BOSCH announces layoffs of 7,000 people in Germany
German automotive parts giant BOSCH announced it will lay off 7,000 employees at its factories, primarily affecting the automotive supply division. CEO Stefan Hartung stated that economic targets cannot be achieved in 2024, and further personnel adjustments may be made. BOSCH's revenue in 2023 is nearly USD 98 billion, with a projected sales return rate of 4%. At the same time, BOSCH plans to acquire the Irish company Johnson Controls for approximately USD 8 billion to enhance its position in the heat pump and air conditioning sectors
DoNews reported on November 6 that German automotive parts giant BOSCH announced it will lay off 7,000 employees at its factories. BOSCH CEO Stefan Hartung stated that the company will be unable to achieve its economic goals in 2024 and may further adjust its workforce.
"In recent months, BOSCH has repeatedly announced plans to lay off employees globally. The latest move affects over 7,000 jobs in Germany, primarily in the automotive supply sector, but also in the tools division and the BSH subsidiary that handles home appliances," Hartung said.
The company reported nearly $98 billion in revenue for 2023 (approximately 696.32 billion RMB at current rates). According to Hartung, this year's sales return rate is expected to be 4%, down from 5% last year, with a target of reaching 7% by 2026.
Hartung also acknowledged that it is unlikely for BOSCH to meet its financial targets for 2024, adding, "BOSCH will not be able to achieve its economic goals in 2024; at this point, I cannot rule out the possibility of further adjustments to human resources."
While laying off employees, BOSCH is advancing its largest acquisition ever, planning to acquire the Irish company Johnson Controls for approximately $8 billion (around 56.842 billion RMB at current rates). This strategic move aims to strengthen BOSCH's position in the heat pump and air conditioning sectors