MTU Aero Engines

Type
Internal restructuring
Country
Germany
Region
Location of affected unit(s)
Munich, Hanover, Brandeburg
Sector
Manufacturing
(29 - 30) Manufacture for transport equipment
30 - Manufacture of other transport equipment
30 - Manufacture of other transport equipment
1,000 jobs
Number of planned job losses
Job loss
Announcement Date
2 April 2004
Employment effect (start)
2 April 2004
Foreseen end date
31 December 2006

Description

In the framework of the ‘Impact 100' programme, the German aero engine maker MTU, recently acquired by KKR (Kohlberg Kravis and Roberts), is planning job cuts and a major cost-cutting programme in preparation for a debut on the stock market in 2006. MTU is planning to cut costs by 100 million euros and axe 542 jobs over the next three years. In May 2004, the group announced the job losses would amount to 1,000: 770 in Munich, 155 in Hanover and 50 in Brandeburg. The company currently employs 8,000.

Sources

  • 2 April 2004: Financial Times Deutschland
  • 13 May 2004: Les Echos

Citation

Eurofound (2004), MTU Aero Engines, Internal restructuring in Germany, factsheet number 60316, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/60316.