MUNICH (dpa-AFX) - MAN Group (MAGOF.PK) announced Friday key terms of a comprehensive realignment of its main operating unit MAN Truck & Bus SE. The planned fundamental restructuring of the business will result in up to 9,500 job cuts in Germany and Austria and worldwide across all areas of the company.
Under the intended realignment process, the development and production network will be reorganized.
The company also has planned a partial relocation of some of the development and production processes to other sites.
The production site in Steyr and the plants in Plauen and Wittlich are up for discussion.
MAN SE, in which TRATON SE holds around 94.36% stake, expects the realignment to achieve an operating return on sales of 8% in 2023. For this purpose, the company has planned a package of measures intended to improve operating result by around 1.8 billion euros.
The company currently expects the personnel measures planned to cause restructuring expenses within a medium to upper three-digit million euro range.
MAN Truck & Bus SE's Executive Board will enter promptly into negotiations on the realignment with the employee representatives.
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