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New global stainless steel leader to cause 850 job reductions in GermanyJanuary 31, 2012 - By Charlotte Stubben |
ThyssenKrupp and Outokumpu have both issued statemensts yesterday, comfirming that both companies have reached an agreement in principle regarding Inoxum.
However, the agreements is not without job reductions.
Outokumpu said in a statement that the agreement reached with the German labor representatives overnight marks a significant milestone in the negotiations.
Specifically, it covers the following areas:
- Closure of the Krefeld meltshop by end of 2013.
- The melt shop in Bochum will be preserved until the end of 2016.
- No compulsory redundancies in German production sites until end of 2015.
- Planned total reduction of 850 jobs in Germany of which ThyssenKrupp has committed to offer alternative jobs within ThyssenKrupp for up to 600 of current Inoxum employees.
Read Metal Supply's related stories Worker union disagreement to complicate ThyssenKrupp Outokumpu deal and ThyssenKrupp to sell stainless in 2.7 billion euro deal
Outokumpu said in a statement that the agreement reached with the German labor representatives overnight marks a significant milestone in the negotiations.
Specifically, it covers the following areas:
- Closure of the Krefeld meltshop by end of 2013.
- The melt shop in Bochum will be preserved until the end of 2016.
- No compulsory redundancies in German production sites until end of 2015.
- Planned total reduction of 850 jobs in Germany of which ThyssenKrupp has committed to offer alternative jobs within ThyssenKrupp for up to 600 of current Inoxum employees.
Read Metal Supply's related stories Worker union disagreement to complicate ThyssenKrupp Outokumpu deal and ThyssenKrupp to sell stainless in 2.7 billion euro deal
Source: Outokumpu
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