GEA to axe about 1,000 jobs in restructuring

GEA to axe about 1,000 jobs in restructuring

GEA Group, the German industrial machinery and process engineering group, said planned restructuring would include about 1,000 job cuts over the next two to three years.

“However, the exact number of adjustments, the timeline and affected locations are subject to further analyses,” it said in a statement on Thursday.

The group had announced plans late on Wednesday to reorganise its operational activities to save at least 100 million euros ($132 million) a year by the end of 2017.

At the end of June, GEA had just over 18,000 employees around the world, according to its most recent financial report.

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