German companies doing 'astoundingly' well

DDP/The Local
DDP/The Local - [email protected] • 13 Jun, 2009 Updated Sat 13 Jun 2009 13:44 CEST
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Germany’s biggest companies listed on the Dax stock index are doing “astoundingly” well, newspaper Die Welt reported Saturday.

Despite Germany’s deepest recession in over 60 years, the medical technology firm Fresenius saw sales rise 15 percent. Energy companies RWE and E.on had 12 and 14 percent growth in revenue.

Most of Germany’s biggest companies have also avoided mass layoffs and told Die Welt that they expect a quick economy recovery and don’t want to lose valuable and highly-skilled staff.

Of the 30 companies that make up the Dax index, only BMW, chemical maker Linde and steel maker ThyssenKrupp have had to lay off significant numbers of workers. BASF has announced major layoff plans that will take place this summer and ThyssenKrupp has also announced another round of cuts are coming soon.

Instead, many companies have turned to a government-backed plan to reduce working hours. The 30 Dax companies reported cutting the hours for 200,000 employees in the first quarter of 2009.

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DDP/The Local 2009/06/13 13:44

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