Mechanical engineering
KraussMaffei cuts several hundred jobs
Several hundred jobs are to be cut in non-production areas at the Munich-based mechanical engineering group KraussMaffei. There are no plans to cut jobs in production and assembly. The details are still being negotiated with the works council.
The company is thus responding "to an increasingly challenging market environment", according to the press release. Li Yong, Chief Executive Officer of the KraussMaffei Group, says: "In the face of 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 labor efficiency and reduce 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 find socially responsible solutions for the employees affected by the planned job cuts. At the same time, we are endeavoring to offer those employees who remain with us attractive and future-proof jobs."
Move to Parsdorf
KraussMaffei relocated its headquarters and main plant from Munich-Allach to Parsdorf just a few weeks ago. On 250,000 square meters, the new site now houses the production of injection moulding and reaction process machinery as well as additive manufacturing, mechanical production and automation.
Zhang Chi, Chairman of the Supervisory Board, says: "I have great confidence in the future of KraussMaffei. With the extensive and long-term investments in the new plants in Parsdorf and Laatzen, KraussMaffei has modernized its production facilities from the ground up. The next step is to adjust our cost base. We are convinced that the company has thus set the course for a turnaround and a return to growth."
According to KraussMaffei, the company also successfully restructured its external corporate financing a few months ago. This has significantly improved the financing conditions. This will support the planned adjustment and efficiency program and further consolidate the company's long-term development in a generally difficult market environment.
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