MAN SE: Executive Board members of MAN SE and MAN Truck & Bus SE and employee representatives sign key points of comprehensive realignment

Munich, January 26, 2021 - The Executive Board members of MAN SE and MAN Truck & Bus SE and the employee representatives have signed an agreement on the key points of a comprehensive realignment of MAN Truck & Bus SE. This agreement serves as the basis for drafting collective bargaining and works agreements, which are to be concluded this year.

The concept presented by the Executive Boards of MAN SE and MAN Truck & Bus SE on September 11, 2020, formed the starting point of the negotiations.

The agreement that has been reached sets out a restructuring of all areas of the MAN Truck & Bus business. The agreement on the key points supports a package of measures with the aim of improving operating result by up to €1.7 billion. The Executive Board sees the agreement as a positive since it makes a substantial contribution to achieving a significant and sustained improvement in operating result. The Executive Board confirms the overarching strategic goal of achieving an operating return on sales (RoS) of 8% over the cycle.

Among other things, the key point paper agreed also sets out a repositioning of the development and production network with a strong focus on future technologies. The Wittlich site will be downsized but maintained. The Plauen site as well as the Steyr site in Austria, which has around 2,200 employees, are being discussed. The Executive Board is reviewing all options in this respect, including the possibility of selling or relinquishing the sites.

The measures planned also entail cutting around 3,500 jobs across all areas of the company in Germany by the end of 2022. The job cuts are to be implemented in the most socially responsible manner possible.

In total, the restructuring measures, including the measures in connection with the Plauen and the Steyr site, which are still to be defined, are currently expected to cost in the high triple-digit millions for the entire restructuring period. The majority of the expenses will be for personnel measures.

Contact:

Dr. Martin Gstaltmeyr
General Counsel
T +49 175 579 2043
martin.gstaltmeyr@man.eu

MAN SE
Dachauer Str. 641
80995 Munich, Germany
www.corporate.man.eu