KraussMaffei Launches Adjustment and Efficiency Program to Strengthen Competitiveness
The Munich-based mechanical engineering group KraussMaffei is responding to an increasingly challenging market environment with a global adjustment and efficiency program that also includes cutting several hundred jobs in non-manufacturing areas.
There are currently no plans to cut jobs in production and assembly. The details will be negotiated with the works council in the coming weeks.
Li Yong, Chief Executive Officer of the KraussMaffei Group, says: “In view of the internal and external challenges, it is important to take measures to increase competitiveness in order to restore KraussMaffei’s profitability. Therefore, we have initiated various measures to improve operational performance, increase work efficiency and lower the cost base, including job cuts. We are confident that KraussMaffei will get back on the road to success.”
Jörg Bremer, CFO and responsible for human resources at KraussMaffei, says: “We are aware of our responsibility to develop socially acceptable solutions for the employees affected by the planned job cuts. At the same time, we strive to offer those employees who stay with us attractive and future-proof jobs.”
KraussMaffei relocated its headquarters and main plant from Munich-Allach to Parsdorf just a few weeks ago. On 250,000 square meters, the new location now houses the production of injection molding and reaction technology as well as additive manufacturing, mechanical manufacturing and automation.
The Chairman of the Supervisory Board, Zhang Chi, says: “I have great confidence in the future of KraussMaffei. With extensive and long-term investments in the new plants in Parsdorf and Laatzen, KraussMaffei has completely modernized its production facilities. In the next step, we are now adjusting our cost basis. We are convinced that the company has thus set the course for the turnaround and return to growth.”
A few months ago, KraussMaffei also successfully restructured its external corporate financing. This enabled the financing conditions to be significantly improved. This will support the planned adjustment and efficiency program and further strengthen the company’s long-term development in what is generally a difficult market environment.
Read more news from KraussMaffei here.
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