Germany's Bilfinger to axe 1 250 jobs

Frankfurt - German engineering and construction group Bilfinger said on Friday it plans to slash 1 250 administrative jobs worldwide over the next two years in a cost-cutting drive.

The job cuts, from a total global workforce of 70 000, are part of a wider efficiency-boosting programme, Bilfinger said in a statement.

It will yield "annual savings in personnel costs of €80-90m ($108-122m) and reduce non-personnel costs by an amount in the low to middle double-digit million range," the statement said.

Bilfinger said it would streamline its group structure, integrating all its separate sub-groups into the parent company with effect from January 1.

This will "consolidate existing administrative functions, reduce costs, establish a more efficient management structure and thus secure our competitive position over the long term", said chief executive Roland Koch.