VW's MAN to cut up to 9,500 jobs to become profitable
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[BERLIN] German truck maker MAN , which is controlled by Volkswagen, said on Friday it could cut up to 9,500 jobs as part of a cost-cutting programme.
The programme's aim is to achieve an operating return on sales of 8 per cent in 2023, the Munich-based group said.
MAN said it planned a partial relocation of some of the development and production processes to other sites, adding that sites at Steyr in Austria and Plauen and Wittlich in Germany are up for discussion.
"The Executive Boards are currently expecting the personnel measures planned to cause restructuring expenses within a medium to upper three-digit million Euro range," it added.
The company is targeting cost savings of 1.8 billion euros (S$2.91 billion).
REUTERS
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