ZF faces huge debt pressure

German auto parts manufacturer ZF is facing debt pressure of 10.5 billion euros and the company is in urgent need of cost savings. Since December last year, the weekly working hours of 5,500 employees at the Schweinfurt plant have been reduced from 35 hours to 32.5 hours to reduce the salary expenses of about 300 employees. However, the union refused to extend this temporary agreement, leading to a deadlock in labor negotiations.