Extensive measures for cost savings
Mann + Hummel presents business figures for 2018
Filtration specialist Mann +Hummel increased its turnover slightly to 3.96 billion euros in the 2018 financial year (2017: 3.9 billion euros). The slight increase in turnover of 1.6 percent compared to the previous year was largely influenced by negative currency effects. Earnings (EBIT) fell to 93.6 million euros (2017: 185.1 million euros).
Werner Lieberherr, President & Chief Executive Officer since October 30, 2018, expressed his dissatisfaction with the annual result overall: "The Group result did not meet our expectations and the expected growth in sales, profitability and cash flow could not be achieved."
In view of the unsatisfactory earnings situation in 2018, the company had already announced an extensive cost restructuring program in February in order to further strengthen its competitiveness. The aim is to save 100 million euros worldwide through measures to increase efficiency, 60 million euros of which will come from the reduction of around 1,200 jobs and 40 million euros from savings in material costs.
"We are convinced that the planned cost restructuring is necessary to lead Mann + Hummel sustainably and successfully into the future," explains Lieberherr. The company plans to fully initiate the cost restructuring measures in 2019, which means that the first effects of the action plan will already be noticeable in the current financial year. A positive sales and earnings trend is therefore expected for 2019 compared to the previous year.
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