MAN to cut around 9.500 jobs in Austria and Germany

Trending

German truck and bus manufacturer MAN, controlled by Volkswagen, announced that it could lay off up to 9,500 employees in Austria and Germany as part of its cost-cutting program amid reduced sales following the coronavirus pandemic (COVID -19).

This measure is intended to help the company achieve an 8% profitability in sales in 2023, said MAN, which belongs to the Traton group within Volkswagen.

According to the cost reduction plan, MAN’s development and production departments will be reorganized and the production units in Steyr, Austria, Plauen and Wittlich in Germany could be closed.

The company aims a cost cut of 1.8 billion euros ($ 2.1 billion) by 2023.

- Advertisment -

Latest

World’s 500 largest family businesses grew their revenue by 10%

The 500 largest family businesses generate US$8.02t and employ 24.5m people across 47 jurisdictions, according to 2023 EY and...

Must read