German truck and bus manufacturer MAN said on Friday, September 11, it will cut up to 1 in 4 of its employees as it looks to make an"extensive restructuring," with the coronavirus pandemic battering the industry.
The Munich-based company said it would lay off as many as 9,500 jobs in Germany and Austria as it looks to save 1.8 billion euros annually.MAN reported an operating loss of 423 million euros in the 1st half of the year, and a revenue decline of 26%, as the spread of COVID-19 impacted customer demand and supply chains.
However, the company was already struggling, and had planned a cost-cutting program to react to a drop in demand that worsened with the health crisis. According to media reports, the group had envisaged axing up to 6,000 jobs."Already in a few years' time, it will be virtually impossible to build a successful business model on the technologies and structures of today.
"This is why we need to restructure MAN: to become a lot more innovative, digital, and profitable in the long run," he said.
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