By Sarah Sloat
Thyssenkrupp AG said Monday that about 490 jobs would be affected by a restructuring of its automotive-technology operations in Germany.
The restructuring targets the company's springs and stabilizers business, which makes parts used in vehicles. The company plans to close a site in Olpe by the end of 2021, where some 330 employees currently work.
The other affected site is in Hagen.
The company will in the coming weeks talk with employee representatives to put together agreements relating to the restructuring for both locations.
Karsten Kroos, head of the automotive supply division at the company, said restructuring was an inevitable step aimed at returning the division to profitability.
"In the current structure, the competitiveness of the two plants no longer exists," Mr. Kroos said. "The price level in the respective product segments is too low and the overcapacity in the market is too large."
As part of the restructuring, Thyssenkrupp will reduce production and bundle development activities at one location, it said.
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