German Shipyards to Slash Jobs

The German Shipyard Group newly founded under the consortium ThyssenKrupp has decided to slash off every eighth job in its company. "From about 6,500 jobs in Germany, approximately 800 would be cut," said the designated boss of the new ThyssenKrupp Marine Systems, Klaus Borgschulte. Since Jan. 1, the firms Thyssen--Shipyard Blohm & Voss and Nordseewerke as well as the Howaldswerke Deutsche-Werft (HDW) have been brought together under the umbrella of ThyssenKrupp. Earlier figures show the total profit made by the Shipyard Group was €2.2 billion ($2.94billion) and had 9,300 employees.