Bosch Layoffs: German Tech Conglomerate To Lay Off 7,000 Employees From ‘Automotive Supply Sector’ Amid Lower Returns on Sales Expected in 2024
Germany tech conglomerate Bosch reportedly announced its plans to lay off around 7,000 employees amid ongoing industry struggles and lower return on sales expected in 2024.
Gerlingen, November 4: Bosch, a Germany-based multinational engineering and tech firm, reportedly announced a massive round of layoffs amid ongoing struggles in the industry. The Bosch layoffs are expected to hit 7,000 employees working at different plants in Germany. Bosch Group is a leading global supplier of technologies and services and offers a wide range of products and services, which includes household appliances, tech services, and automotive products like brake pads, sensors, discs and safety systems.
According to a report by Essanews, German tech giant Bosch would lay off around 7,000 people in its latest round of layoffs. The official job cuts announcement came from Bosch CEO Stefan Hartung, who said that the company would not achieve its economic goals in 2024. He added that he could not rule out the company having to adjust its staffing resources further. X Layoffs: Elon Musk-Run Platform Lays Off Its Employees Primarily Affecting Engineering Department; Check Details.
Stefan Hartung said that unlike the previous year when the Bosch revenue was USD 98 billion, and it gained a 5% return on the sale, 2024 would only reach 4%. Bosch's CEO also said that in 2025, the company would aim to achieve a 7% return on sales. The report said that Bosch repeatedly announced to reduce its workforce globally in recent months. The latest round of Bosch layoffs would affect the "automotive supply sector" and let go of 7,000 people. Visa Layoffs: US-Based Credit Card Service Corporation Plans To Lay Off 1,400 Employees and Contracts To Streamline Its Global Operations.
Although Bosch has been facing challenges with lower returns on sales, it is planning the largest acquisition in its history. Bosch would acquire Johnson Controls International PLC, an American-Irish tech conglomerate, for USD 8 billion. It offers various products, software and systems. This acquisition is expected to strengthen its position in the heat pump and air conditioning industry.
(The above story first appeared on LatestLY on Nov 04, 2024 09:40 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).