The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Manufacturing Manufacture For Transport Equipment Manufacture Of Motor Vehicles, Trailers And Semi-Trailers 29.1 - Manufacture of motor vehicles
1,400 jobs Number of planned job losses
Announcement Date
23 September 2016
Employment effect (start)
23 September 2016
Foreseen end date
Description
MAN SE, Volkswagen’s truck making division, plans to cut 1,400 jobs as part of a cost saving drive, of which around 1,000 will fall in Germany. It is hoped the cuts will boost profit by around $500 million (EUR 450 million). Operations in Hamburg will change from manufacturing to services, with operations for manufacturing moved to Oberhausen and Bengaluru, India. This is part of a broader drive to reduce spending in the wake of the diesel-emission scandal, as well as diversification into electric and digital technologies across its brand. MAN’s truck unit is one of the less profitable arms of the brand, especially given contractions in the oil and freight industries.
Sources
23 September 2016: Bloomberg
23 September 2016: Fortune
Citation
Eurofound (2016), MAN SE, Internal restructuring in World, factsheet number 88809, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/88809.
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