Kuehne + Nagel (K+N) has said goodbye to five thousand employees in the first three quarters of this year. Especially in the third quarter, the forwarder's workforce shrank (-2,500).
This is shown in the company's quarterly figures, noted ShippingWatch. Kuehne + Nagel currently employs 78,000 people. How many people were laid off due to the corona crisis, the company would not disclose.
Much of the downsizing can be attributed to natural attrition, according to K+N. Early this year, the service provider implemented a vacancy freeze and a lot of people are said to have retired. Some business units have also been sold.
K+N's figures have been on the rise again for a few months now. However, there is still a decline over the whole of 2020. Revenue for the first three quarters stands at 13.9 billion euros, down 6 per cent on last year. Net profit stands at 538 million euros, 4 per cent less than the same period in 2019.
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