VIENNA (Reuters) - Engineering group Andritz plans to cut jobs at its German subsidiary Schuler AG as the business feels the effect of a slowing car industry, its chief executive said on Wednesday without giving a scale.
Andritz, which employs around 4,200 people at Schuler in Germany, plans to use 14 million euros ($15.83 million)of the 20 million euros it set aside for restructuring measures in the fourth quarter at the German unit, a spokesman said.
Schuler specializes in systems, tooling, process expertise and services for the automotive industry.
“Schuler suffers from the automobile industry,” Wolfgang Leitner told a news conference in Vienna. “It did not see the growth we were hoping for.”
(This story corrects to read 4,200 (not 6,400), in the second paragraph).
Reporting by Kirsti Knolle, Editing by Tassilo Hummel