KraussMaffei cutting ‘several hundred’ jobs to boost efficiency
Canadian PlasticsHuman Resources Plastics Processes
The job cuts in non-production areas are part of what the company calls a “worldwide adjustment and efficiency program.”
Germany-based plastics machinery maker KraussMaffei Technologies GmbH has announced plans to cut several hundred jobs in “non-production areas,” as part of what it calls a “worldwide adjustment and efficiency program.”
“In the light of internal and external challenges, taking actions to enable us to be more competitive is important to restore profitability at KraussMaffei,” company CEO Li Yong said in a Feb. 28 news release. “Therefore various measures have been initiated to improve operational performance, to increase work efficiency and to reduce the cost base, including job reductions. We are confident that KraussMaffei will get back on the road to success.”
The news release also said that there are currently “no plans to cut jobs in manufacturing and assembly.”
The job cuts are the latest in a series of moves at KraussMaffei. The company relocated its headquarters and main plant from Munich-Allach, in Germany, to Parsdorf only a few weeks ago; with 250,000 square meters, the new location is now home to its production for injection molding and reaction processing, additive manufacturing, mechanical manufacturing and automation. And just a few months ago, KraussMaffei said it had “successfully restructured” its external corporate financing, resulting in financing conditions that are “significantly improved.” “This supports the planned adjustment and efficiency program, and further consolidates the long-term development for the company in an overall challenging market environment,” KraussMaffei said.