An employee of the Schuler AG, installing a coin minting press. (picture alliance/dpa)
Schuler, a leading German maker of metal forming machines, is set to cut around 500 of its 6,500 staff because of weakening demand in the car industry, Schuler's owners announced Monday.
The parent company, Austria-based industrial technology group Andritz, said the step was necessary "due to the weakness of the international automotive market and the resulting low investment activity by car manufacturers and their suppliers."
The automotive industry downturn has had a ripple effect that has reached a range of other industries.
Global automotive production fell by around 6 percent in the first half of 2019, the chief executive of German chemical giant BASF, Martin Brudermueller, said last week as he explained his company's falling earnings.
In Germany, car exports fell 15 per cent year-on-year in the first six months of 2019, according to the German Association of the Automotive Industry.
Notice: No person, organization and/or company shall disseminate or broadcast the above article on Xinhua Silk Road website without prior permission by Xinhua Silk Road.
A single purchase
