Europe’s Job-Cuts Tally Climbed to 28,000 in June With BASF, Ford
Europe’s Job-Cuts Tally Climbed to 28,000 in June With BASF, Ford
(Bloomberg) -- June isn’t over, and so far large corporations doing business in Europe have announced more than 28,000 job cuts in the region.
German chemical giant BASF SE and Ford Motors Co. unveiled plans to cut a combined 18,000 jobs within hours on Thursday, joining peers in industries from autos to power and gas that are making massive layoffs to cope with a downturn in their businesses.
The European economy has been worsening, and factories are at the heart of the slowdown, as trade tensions, weak car sales and risks from Brexit weigh on demand.
Here is a rundown of the main job cuts announced this month by large European companies and global corporations doing business in the region.
| Companies | Total | Where | Date announced | Read More |
|---|---|---|---|---|
| BASF | 6,000 | Global | June 27 | Demand is slowing for chemicals used in industries ranging from cars to electronics. |
| Ford | 12,000 | Europe | June 27 | The U.S. carmaker is eliminating 20% of its workforce across Europe to cope with falling sales. Germany, the U.K. and Russia will be the hardest hit. |
| Sanofi | 466 | France, Germany | June 19 | The French drugmaker is cutting R&D jobs, and plans to limit cardiovascular research. |
| Siemens | 2,700 | Global | June 18 | The German conglomerate plans to cut 4% of the workforce at its power and gas unit, ahead of a planned spinoff of the sprawling business. About 1,400 of the lost positions will be in Germany. |
| GE | 1,200 | Switzerland | June 18 | GE reduced the number from 1,400 in December, after consultation with unions. |
| Kier Group | 1,200 | U.K. | June 17 | The U.K. builder is simplifying its businesses and plans to sell some assets after a strategic review. |
| Volkswagen | 4,000 | Germany | June 5 | The VW brand will cut as many as 4,000 general and administrative jobs through 2023, while adding 2,000 IT positions. |
--With assistance from John Lauerman, Andrew Noël, Oliver Sachgau, Rebecca Smith, Christoph Rauwald, Piotr Skolimowski, Catherine Bosley and Keith Naughton.
To contact the reporter on this story: Cécile Daurat in Wilmington at cdaurat@bloomberg.net
To contact the editors responsible for this story: Crayton Harrison at tharrison5@bloomberg.net, Tony Robinson
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