Significant cutbacks and job cuts
ZF Friedrichshafen AG intends to increase its competitiveness. The company is also trying to take into account the changes in the mobility sector, particularly with regard to electromobility. This is according to a recent press release from ZF. In it, the long-established automotive supplier reports on the realignment of its structures.
Location alliances
One of the company's goals is to make the German locations more efficient. The plan is to merge the German locations into several location networks.
According to ZF, the number of employees in Germany will probably be gradually reduced by around 11,000 to 14,000 by the end of 2028. According to its press release, ZF is focusing the restructuring on the Electrified Powertrain Technologies division. The company justifies this with high competitive and cost pressure as well as weak market development for electric cars.
Investments in commercial vehicle technology and industrial technology, among other things
By contrast, investments in the Commercial Vehicle Technology, Chassis Solutions, Industrial Technology and Aftermarket divisions are to be further increased.
ZF CEO Holger Klein explained: "Our corporate responsibility is to make ZF fit for the future and to further develop the locations in Germany in such a way that they are sustainably competitive and solidly positioned. We are aware that we also have to make difficult but necessary decisions to achieve this. We want to find the best possible solutions for everyone involved."
Klein continued: "The seriousness of the situation calls for decisive action to adapt the company to the tougher market and competitive environment and to fulfill the foundation's mission of securing the future."