German construction company Bilfinger has announced massive job cuts as part of efforts to streamline the firm’s global operations. The move will affect mainly administrative jobs in Germany.
Within the framework of an administrative restructuring program, Bilfinger would slash some 1,250 jobs by 2015, the German construction and building services company announced Friday.
The job cuts were intended to save between 80 million euros ($108 million) and 90 million euros in payroll costs, and would come in the wake of restructuring efforts in the company's business portfolio.
Within the past two years, the Mannheim-based construction giant has acquired more than 20 construction firms. By January 2014, their non-operative business would be re-organized in 14 new divisions, the company said.
"We weren't able to do without job cuts in the past, and won't be able to do so in the future," Bilfinger Chief Executive Roland Koch said in August, when he presented the firm's earnings results.
Bilfinger, which employs about 70,000 people worldwide, is struggling amid the economic crisis in Europe and sluggish global demand.
uhe/ccp (Reuters, dpa)