Massive dismissals from truck manufacturer MAN
German truck and bus manufacturer MAN, controlled by Volkswagen, has announced that it could lay off up to 9,500 employees in Austria and Germany as part of its cost-cutting program amid declining sales following the coronavirus pandemic.
The program is intended to help the company achieve an 8% profitability in sales in 2023, said MAN, which belongs to the Traton group within Volkswagen.
Also, according to the cost reduction plan, MAN's development and production departments will be reorganized and the Steyr production units in Austria and Plauen and Wittlich in Germany could be closed.
"The Board of Directors estimates that the planned labor-related measures will result in restructuring costs of up to 300m euros," a MAN statement said.
The company aims to reduce costs by 1.8 billion euros ($ 2.1 billion) by 2023.
Category: News Tags: #dismissals, #covid19, #trucks