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SGL says up to 300 jobs affected by cost-cutting program

By: AUTOMOTIVE NEWS

December 12, 2013

FRANKFURT, GERMANY — Germany's SGL Group, which helps make carbon fiber reinforced parts for BMW Group's electric i3, said in a statement that its global work force will be reduced by up to 300 jobs as part of a cost-cutting program.

Of the 150 million euros ($206 million) in annual cost savings it aims to achieve by the end of 2015, 50 million euros will be realized in 2013, it added.

SGL announced in September it would reduce its annual costs by about 150 million euros by the end of 2015 as it seeks to counter a slump at its graphite electrodes and carbon fiber businesses.