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Bosch CEO not ruling out further job cuts

"Bosch will not reach its economic targets in 2024," CEO of the German industrial giant Stefan Hartung said

BERLIN, October 31. /TASS/. Bosch does not rule out more job cuts beyond the ones it has already announced, CEO of the German industrial giant Stefan Hartung said in an interview with the Tagesspiegel newspaper.

"Bosch will not reach its economic targets in 2024," Hartung said. "At this point, I cannot rule out that we will have to further downsize our human resources," he stressed, adding that the company had already announced that it would cut about 7,000 jobs.

Bosch’s sales in 2024 "will be slightly less than the year before," the CEO said. Bosch earned almost 92 bln euro in 2023 and expected to grow this year. "Our return on sales will be a maximum of 4%," Hartung said. This figure stood at 5% a year earlier. The company "remains committed to its target of 7% in 2026," he added.

In recent months, Bosch has signaled a major restructuring of its global business. Plants in Germany, including auto parts and toolmaking divisions, along with its BSH home appliance subsidiary were affected significantly.

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