KraussMaffei announced several hundred job cuts as part of a global effort to adjust to market challenges and increase its efficiency and competitiveness. The company said it has no plans to reduce jobs in manufacturing and assembly, and details of the upcoming cuts will be negotiated with the works council — the body that represents employees — in the coming weeks.
KraussMaffei Group CEO Li Yong said, “In the light of internal and external challenges, taking actions to enable us to be more competitive is important to restore profitability at KraussMaffei. Therefore, various measures have been initiated to improve operational performance, to increase work efficiency and to reduce the cost base, including job reductions. We are confident that KraussMaffei will get back on the road to success.”
In a press release, the company said it recently restructured its external corporate financing, a move that improved its financing conditions and supports its planned adjustment and efficiency program. The company said these moves consolidate its long-term development in an overall challenging market environment.
“I have great confidence in the future of KraussMaffei,” said Zhang Chi, the chairman of the supervisory board. “With our substantial long-term investments into the new plants in Parsdorf and Laatzen, KraussMaffei has modernized its production facilities from the ground up. In a next step, we are now adjusting our cost base. We are convinced that the company has thus laid the foundations for the turnaround and the return to growth.”
