Fastener firm Bulten to cut 50 jobs in German unit thanks to 'market conditions'

Bulten is starting a restructuring program in its German unit with the aim of streamlining the unit and to adapt to current market conditions.

Around 50 jobs at its Bergkamen, Germany site are set to be lost, including white-collar and blue-collar employees, as well as temporary staff. Negotiations with relevant trade unions will begin immediately.

In Q2, the firm had to adjust its inventory thanks to a declining production rate. A decline in the light vehicle market precipitated the change, although it noted contract wins will kick in in the future.

The expected effect of the job losses on earnings will be disclosed during quarter three.