BERLIN -- German supplier Brose Group will cut 2,000 jobs in Germany over the next three years due to a slump in earnings,
The company said it has been hit by a declining Chinese market, changes in the car industry and global price pressure.
The family-owned company, which employs 26,000 workers globally, said the job cuts would reduce hierarchy and simplify the business, adding it was relocating work to low-wage countries to improve competitiveness.
"We want to improve quality ... and reduce costs in the mid three-digit million range to increase our competitiveness," CEO Kurt Sauernheimer said in a statement on Thursday.
In May, Brose launched a savings program aimed at cutting tens of millions of euros this year after reporting 5 percent drop in first-quarter revenue and disappointing 2018 results.
Last month, German supplier Continental said it would cut jobs and close plants over the next 10 years as it faces a slowing global auto sector.
