October 7, 2019 / 6:09 PM / 7 days ago

Thyssenkrupp to cut admin jobs as part of restructuring - sources

FILE PHOTO: Thyssenkrupp's logo is seen close to the elevator test tower in Rottweil, Germany, September 25, 2017. The 246 metre construction will test innovative elevator technology. REUTERS/Michaela Rehle/File Photo

DUESSELDORF, Germany (Reuters) - Thyssenkrupp (TKAG.DE) is slashing some administrative jobs to cut down on the more than 2 billion euros (1.8 billion pounds) of costs it incurs in that field each year, two people familiar with the matter told Reuters on Monday.

A majority of the 300 administrative roles at Thyssenkrupp’s car parts and plant engineering divisions will be cut, the sources said.

Thyssenkrupp declined to comment. The company has previously announced plans to shed 6,000 jobs across the group.

New Chief Executive Martina Merz will discuss the leaner set-up at a meeting with top-level managers on Tuesday where she will present more details of a previously announced strategy to simplify the group, the people said.

Thyssenkrupp announced in May a major strategic shift, pursuing a full or partial sale of its elevator unit and seeking buyers for its struggling plant engineering, car parts and shipbuilding divisions.

The company has also opened up to selling minority stakes in its remaining units, steel and materials trading, bowing to investors which have long criticised the sprawling conglomerate’s structure.

Reporting by Tom Kaeckenhoff; Writing by Christoph Steitz; Editing by Jan Harvey

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