Bosch to cut 7,000 jobs: “At the moment, I cannot rule out …,” says CEO Stefan Hartung
Bosch is reportedly planning to lay off 7,000 employees from its plants in Germany. As reported by Rzeczpospolita, CEO Stefan Hartung said “In recent months, Bosch has repeatedly announced plans to reduce jobs worldwide. This 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 household appliances”.
Bosch will not achieve its economic goals in 2024: CEO
The company generated nearly 98 billion US dollars in revenue in 2023. According to Hartung, this year’s return on sales is expected to be 4 percent, compared to 5 percent last year, with a target of 7 percent by 2026. He said “Bosch will not achieve its economic goals in 2024, At the moment, I cannot rule out that we will have to further adjust our staffing resources”.
Bosch to acquire Johnson Controls
As per the report, despite these job cuts, the company is planning to acquire Irish company Johnson Controls. Said to be the company’s largest acquisition in its history, Bosch aims to strengthen its position in the heat pump and air conditioning industry through the acquisition which may cost $8 billion.
