German battery maker Varta AG will cut about 800 jobs as part of a cost-saving program in response to higher raw material costs and weaker demand.
(Bloomberg) — German battery maker Varta AG will cut about 800 jobs as part of a cost-saving program in response to higher raw material costs and weaker demand.
Around 390 jobs will be cut in Germany over the next two years, the company said Tuesday. More than 400 positions will be removed due to the end of fixed-term contracts and downsizing at international locations. Management has already started talks with employee representatives on the details of the restructuring plan.
“We are aware of our responsibility towards our employees and the region and take this very seriously, especially in the current economically uncertain phase,” said Markus Hackstein, a member of Varta’s management board.
The battery company, based in Ellwangen in southern Germany, employs around 4,700 people. The cuts account for around 17% of its global workforce.
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