German propulsion and machinery giant MAN Energy Solutions has announced a comprehensive program to secure the future viability of the company. The program includes extensive cost-cutting and restructuring measures that could see almost 4,000 jobs lost.
MAN says it is preparing for a long period of stagnant sales as a result of Covid-19, and sees the restructuring as a necessary part of the companys transformation into a solutions provider for sustainable energy supply.
The company plans to cut its costs by Euros 450m ($520.4m), with an aim to achieve an operating margin of 9% and improve the companys cash and liquidity position by 2023.
MAN says it intends to halt steam turbine production in Hamburg and may also close its production f…
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