BERLIN, July 26 (Xinhua) -- Comprehensive German media reports, Germany's well-known auto parts supplier ZF Group (ZF) announced on the 26th, plans to the end of 2028 in the whole of Germany within the scope of layoffs about 11,000 to 14,000 people. This is the company's history of the largest layoff plan.

According to ZF, most of the job cuts will come from the production division, while including R&D employees. The company will streamline its management staff by consolidating its sites. These sites may also face closure if the company is unable to see long-term growth prospects in certain locations.

The main reason for the job cuts is that the company is facing high levels of debt and can save money by laying off staff, according to the report. ZF Group Chief Executive Officer Dr Holger Klein said that some difficult but necessary decisions had to be made to make the company future-proof. The layoffs will be carried out by providing compensation payments, retirement plans and other means. Through these measures, it is hoped to enhance the company's competitiveness and consolidate ZF's position as one of the world's leading suppliers.

The report noted that ZF currently employs about 169,000 people worldwide, including about 54,000 in Germany. The group has operations at more than 160 production sites in 31 countries around the world. Last year, the company achieved a turnover of about 46.6 billion euros.

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