Trade Union: Talks with Voith Management to Start in the New Year - Voith plans 2,500 job cuts in Germany despite full order books
Voith, a multinational engineering corporation, is contemplating substantial job cuts despite maintaining full order books. The company reported a net loss of €247 million in the 2023/24 fiscal year, even as revenue reached €5.23 billion. Now, up to 2,500 positions worldwide could be eliminated, with Germany bearing the brunt of reductions.
The corporation, which specializes in hydropower, paper machinery, and drive technology, employs around 22,000 people globally. In Germany alone, it has a workforce of about 7,000, with its headquarters in Heidenheim an der Brenz. While no specific locations have been confirmed, cuts are expected across multiple German states, including Baden-Württemberg, Bavaria, and North Rhine-Westphalia.
Before resorting to mandatory redundancies, Voith is exploring less drastic options. These include short-time work, phased early retirement, and voluntary severance packages. However, formal negotiations over job reductions are not expected to start until early 2026 at the earliest.
Despite the current financial setback, Voith remains ambitious. The firm aims to more than double its revenue to over €10 billion by 2030 while significantly increasing profits. Financial results for the 2024/25 fiscal year, which ended in September, have not yet been released.
The planned cuts come as Voith seeks to restructure its operations while maintaining long-term growth targets. With Germany likely to see the largest share of reductions, the company will first pursue voluntary measures before considering mandatory layoffs. Official talks on the matter are still months away.
