E.on CEO announces layoffs

German energy group E.on will make cuts in administration staff as part of a savings strategy for millions.

Photo: E.ON

E.on CEO Johannes Teyssen began 2017 with a sad statement. The German energy behemoth is planning a round of layoffs at its headquarters in Essen, where 600 employees work in administration. The firings are part of savings measures with the intention to cut EUR 400 million in costs.

"Based on previous experience, 50 percent of savings in such efficiency programs come from personnel costs and 50 percent from the cost of material," Teyssen told German newspaper Rheinische Post this Saturday, according to Reuters.

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