KraussMaffei to Lay Off Hundreds of Workers
Under a “creative” headline announcing the launch of an “adjustment and efficiency program to strengthen competitiveness,” injection molding machine maker KraussMaffei revealed in a press release that it will eliminate several hundred positions at the company. None of the job cuts will involve manufacturing and assembly personnel, it added.
Citing an “increasingly challenging market environment,” the Munich-based company said it has initiated measures to improve operational performance, to increase work efficiency, and to reduce the cost base. A recent restructuring of external corporate financing reportedly was successful and is supporting the planned adjustment and efficiency program, which includes the layoffs.
“We are aware of our responsibility to work out socially acceptable solutions for employees affected by the planned cutbacks,” said Chief Financial Officer Joerg Bremer, who is also responsible for Human Resources at the firm. “At the same time, we are keen to offer attractive and future-proof jobs to those employees who stay with us.”
Details involving the job cuts will be negotiated with the Works Council during the next few weeks, said KraussMaffei.
KraussMaffei recently relocated its headquarters and main plant from Munich-Allach to Parsdorf, Germany. The 250,000-square-meter plant is now home to the company’s injection molding and reaction processing, additive manufacturing, mechanical manufacturing, and automation production activities.
Chairman of the Supervisory Board Zhang Chi expressed “great confidence” in the long-term investment in the new plants and the modernization of its production facilities. “In a next step, we are now adjusting our cost base. We are convinced that the company has thus laid the foundations for the turnaround and the return to growth,” said Chi.