Thyssenkrupp CEO announces sweeping job cuts

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FRANKFURT (Reuters) – Thyssenkrupp (DE:) will make sweeping job cuts and give an update on the new company structure in November, the company’s new Chief Executive Martina Merz told employees on Monday.

“This is about strengthening businesses and improving performance. This is not a sellout,” Merz said in the letter, which was seen by Reuters.

Thyssenkrupp declined to put a figure on potential job losses, pending negotiations about cuts with labor leaders, but said an update about the revamp will be given in November.

“It is true that this will not be possible without significant job cuts,” Merz said, explaining that big changes for are afoot in the Component Technologies and Industrial Solutions divisions.

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