Precision tools
Walter closes production site in Frankfurt
The precision tool manufacturer Walter is planning to reduce its production capacity in Germany. Production at the Frankfurt site is to be phased out by 2021.
Walter plans to phase out production at the Frankfurt site. The products manufactured there are to be relocated to other Group sites by spring 2021. This is the company's response to changing market requirements. Around 200 employees will be affected by the planned closure of the production site.
"This project is not easy for us, especially with regard to the employees affected," emphasized Richard Harris, CEO of precision tool manufacturer Walter, headquartered in Tübingen. "We are seeing a flattening market trend and must take action now if we want to maintain our competitive market position and profitability. Maintaining our current production capacities in Germany at full capacity will soon no longer be economically viable."
At the same time, internationalization is to be driven forward: "The greatest growth potential for our target industries over the next few years lies in the Asia-Pacific economic region and the USA," explains Harris. "With the expansion of our international presence and our successful positioning as a development partner for our customers, we are very well positioned in these markets."
Walter has shifted its business towards international markets in recent years. "Because proximity to the customer is becoming increasingly important worldwide, the disparity between our production capacities and the turnover we generate here is growing in our domestic market. We have to face up to this," said Harris.
"We are aware of the impact on the colleagues affected and we will try to minimize the associated burdens as much as possible," said Harris. "This issue will play an important role in the negotiations with the works council."
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