Deutz AG has announced a reduction of up to 1,000 positions in the company’s global headcount.
The German engine manufacturer said it would first eliminate 350 jobs via a volunteer programme running from 1 September, 2020, to 31 March, 2021.
The aim of the measures, Deutz said, is to further strengthen the company’s competitiveness at a global level while protecting the viability of Germany as a company base.
From 2022 onwards, the newly announced ‘Transform for Growth’ efficiency programme is scheduled to realise annual cost savings of around €100 million, Deutz said.
Against the backdrop of the planned measures, Deutz said it will set aside provisions for restructuring costs – predominantly in connection with personnel measures – of €35–40 million in the current quarter.
This story was originally published by sister magazine Diesel Progress.