KraussMaffei announces corporate layoffs

Munich, Germany – The Munich-based mechanical engineering group KraussMaffei responds to an increasingly challenging market environment with a worldwide adjustment and efficiency program, also including the reduction of several hundred positions in the non-production areas. There are currently no plans to cut jobs in manufacturing and assembly. Details will be negotiated with the Works Council during the next weeks.

Li Yong, Chief Executive Officer of the KraussMaffei Group, says: “In the light of internal and external challenges, taking actions to enable us to be more competitive is important to restore profitability at KraussMaffei. 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.”

Joerg Bremer, Chief Financial Officer and responsible for Human Resources at KraussMaffei, says: “We are aware of our responsibility to work out socially acceptable solutions for employees affected by the planned cutbacks. At the same time, we are keen to offer attractive and future-proof jobs to those employees who stay with us.”

KraussMaffei relocated its headquarters and main plant from Munich-Allach 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.

The Chairman of the Supervisory Board Zhang Chi says: “I have great confidence in the future of KraussMaffei. With our substantial longterm investments into the new plants in Parsdorf and Laatzen, KraussMaffei has modernized its production facilities from the ground up. 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.”

Just a few months ago, KraussMaffei has successfully restructured its external corporate financing. As a result, the financing conditions were 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.