STUTTGART -- German transmission manufacturer Getrag wants to reach an agreement by April with employee representatives on more job cuts.
The company plans to eliminate up to 700 jobs in Germany. The costs of its overcapacity are debilitating, even dangerous, Getrag CEO Mihir Kotecha said.
Getrag ran into turbulence a year and a half ago due to its strong, externally financed expansion. It had to take out a state loan guarantee of 20 million euros ($27 million) and cut 350 jobs. Kotecha stressed that Getrag has ample liquidity.