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European companies cut jobs as economy slows
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European companies cut jobs as economy slows
Feb 13, 2025 9:20 AM

(Adds paragraphs on Continental, Porsche, Adidas, Sainsbury's ( JSNSF ),

TESCO ( TSCDF ), Commerzbank, KLM, Neste, Tele2, Adds detail on AkzoNobel)

Feb 13 (Reuters) - Difficult economic conditions and

persistently weak demand for many products have led companies

across Europe to freeze hiring or cut jobs.

Here are some of the layoffs announced since the start of

November:

CAR AND CAR PARTS MAKERS

* BOSCH: Staff reduction schemes at the world's biggest car

parts supplier have put 8,000-10,000 jobs at risk in Germany,

its deputy supervisory board chairman said on December 11. One

of those plans is for 3,500 job cuts in its cross-domain

computer solutions division by end-2027, half of which will be

in Germany.

* CONTINENTAL: ContiTech, Continental's division

specialising in products and systems made from rubber, plastic,

metal and textiles, is to close four plants and downsize two

others, affecting a total of 580 employees, the German

automotive and industrial supplier said on January 30. This

follows Continental's plans to cut 200 more jobs announced on

January 22, affecting a site in the western city of Wetzlar.

* MICHELIN: The French tyre maker will shut down two

sites in Western France, affecting about 1,250 jobs, it said on

November 5.

* PORSCHE: The German carmaker said on February 13

it would cut an additional 1,900 jobs across the entire company

over the next four years after a programme that has already

started was found to be insufficient, a company spokesperson

told Reuters.

* SCHAEFFLER ( SCAFF ): The German machine and car parts maker

said on November 5, it planned to cut 4,700 jobs. As part of

these measures, it will close two plants in Austria and Britain,

it said on November 27.

* STELLANTIS ( STLA ): The Milan-listed automaker said on

November 26 it planned to shut its Vauxhall van factory in

southern England, putting more than 1,000 jobs at risk.

* VALEO: The French car parts supplier plans to cut

around 1,000 jobs in Europe, including the closure of two sites

in France, sources told Reuters on November 27.

INDUSTRIALS AND ENGINEERING

* THYSSENKRUPP: The German conglomerate's steel-making

division said on November 25 it planned to cut 5,000 jobs by

2030 and an additional 6,000 jobs through spin-offs or

divestitures.

RETAIL AND CONSUMER GOODS

* ADIDAS: The German sportswear retailer's CEO Bjoern

Gulden plans to cut up to 500 jobs at the company's headquarters

in Herzogenaurach, a source who took part in a meeting where the

figure was announced told Reuters on January 23.

* AUCHAN: The French supermarket group said on November 5 it

planned to cut more than 2,000 jobs amid falling traffic in its

stores.

* SAINSBURY'S ( JSNSF ): The British supermarket group said on

January 23 it was proposed to reduce its headcount by over 3,000

roles as it seeks savings to counter a "particularly challenging

cost environment."

* TESCO ( TSCDF ): Britain's largest supermarket group said on

January 29 it would cut about 400 jobs from stores and its head

office, seeking efficiency savings so it can invest in the

business.

OTHERS

* AIRBUS: The French aerospace group said on December 5

it would cut just over 2,000 jobs in its Defence and Space

business, fewer than the initially announced 2,500.

* AKZONOBEL: The Dulux paints maker said on January 29

it expects to cut around 2,200 jobs and to close at least five

more sites in 2025 as part of its restructuring efforts, after

announcing on January 10 it planned to lay off up to 211 staff

in France, about 16% of its workforce in the country, as part of

a reorganisation that would also include creation of 29 new

positions.

* BP: The British oil and gas company will cut around

4,700 staff, over 5% of its total workforce, as part of CEO

Murray Auchincloss' efforts to reduce costs, it said on January

16.

* COMMERZBANK: The German bank said on February 13 it

plans to axe 3,900 mostly local jobs to help it deliver more

ambitious profit targets as part of its strategy to fend off

UniCredit's advances for a tie-up between the German

and Italian lenders.

* EQUINOR ( EQNR ): The Norwegian oil, gas and renewable energy

producer is cutting 20% of the staff from its renewable energy

division, it said on November 21.

* IDORSIA: The Swiss pharmaceutical company said on

November 27 it would shed up to 270 jobs as part of its

restructuring efforts.

* KLM: The Dutch wing of Air France KLM said on

January 29 it would scrap 250 office jobs in a push to cut costs

and improve profitability.

* LUFTHANSA: The German flag carrier aims to gradually

reduce jobs in administration by 20%, the Manager Magazin

reported on November 14.

* NESTE: The Finnish oil refiner and biofuel maker

will cut around 600 positions as excess supply in the renewable

fuel market caused a slump in quarterly core profit, the company

said on February 13.

* NOVARTIS: The Swiss drugmaker is closing German

biotech firm MorphoSys, acquired at the start of 2024, German

news outlet WirtschaftsWoche reported on December 19, saying 330

jobs would be affected.

* SMA SOLAR: The German solar power parts supplier

said on November 13 it planned to cut up to 1,100 jobs

worldwide.

* SYENSQO: The Belgian chemicals maker said on

November 5 it would cut 300-350 jobs primarily in France, the

U.S., Belgium and Italy.

* TELE2: The Swedish telecoms group plans to cut more

than 600 jobs in 2025 in a quest to reduce costs and boost

profitability, the company said on January 29.

* UPM: The Finnish forestry group said on November 27

it would close a plant in Kaltenkirchen, Germany, affecting 154

jobs.

Source: Regulatory filings, Reuters articles and company

websites

(Compiled by Agata Rybska, Louise Breusch Rasmussen, Boleslaw

Lasocki, Charlotte Eugenie Yvette Bawol, Olga Sawczuk,

Bernadette Hogg in Gdansk and Radhika Anilkumar in Bengaluru;

Edited by Shounak Dasgupta, Milla Nissi and Barbara Lewis)

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