Confronted with an increasingly challenging market environment, plastics machinery manufacturer KraussMaffei has announced it will be implementing a global adjustment and efficiency programme that will include the elimination of several hundred jobs in non-production areas. In addition, it will be initiating various other measures that are also targeted at improving operational performance, increasing work efficiency and reducing the cost base, said Li Yong, CEO of the KraussMaffei Group.
The company emphasised that no redundancies will be made in manufacturing and assembly, and added that it will work out ‘socially acceptable solutions for employees affected by the planned cutbacks’. Details will be negotiated with the Works Council over the coming weeks.
“At the same time, we are keen to offer attractive and future-proof jobs to those employees who stay with us,” said CFO Joerg Bremer.
Just recently, KraussMaffei relocated its headquarters and main plant from Munich-Allach to Parsdorf,. That project represented one of two long-term investments in the company since it was acquired by its current Chinese owners. Spanning some 250,000 m2, the activities in Parsdorf include injection moulding and reaction processing, additive manufacturing, mechanical manufacturing and automation.
In both projects - the Parsdorf plant and the new Laatzen plant - involved modernising the production facilities from the ground up, said Zhang Chi, the Chairman of the Supervisory Board.
“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,” he said.
KraussMaffei also recently successfully restructured its external corporate financing, a move that has resulted in significantly improved financing conditions, further consolidating the long-term development for the company.
"I have great confidence in the future of KraussMaffei,” said Zhang Chi.