Leoni cutting 2,000 jobs to stabilise business

Nuremberg, Germany – German automotive cables specialist Leoni AG is planning to lay off up to 2,000 workers in a bid to stabilise its business after reporting a persistently poor performance.

As part of a far reaching restructuring plan, the Nuremberg-based company has also identified subsidiaries with annual income of up to €500m for possible divestment.

Leoni has also ordered a group-wide hiring freeze and delayed salary increases for non-tariff employees and managers.

Earlier this month, the company reported a significant dip in 2018 pre-tax profits to €144…

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