MAN SE: Executive Boards of MAN SE and MAN Truck & Bus SE resolve on key terms of comprehensive realignment program

Executive Boards of MAN SE and MAN Truck & Bus SE resolve on key terms of comprehensive realignment program

Munich, September 11, 2020 - Today, the Executive Boards of MAN SE and MAN Truck & Bus SE resolved on the key terms of a comprehensive realignment of MAN Truck & Bus SE. The aim of this realignment is to achieve an operating return on sales (RoS) of 8% in 2023. For this purpose, the management has planned a package of measures intended to improve operating result by around €1.8 billion.

The intended realignment process will require a fundamental restructuring of all areas of the MAN Truck & Bus business, including reorganizing the development and production network as well as significant job cuts. According to current considerations, up to 9,500 jobs are to be cut in Germany and Austria and worldwide across all areas of the company. In this context, a partial relocation of some of the development and production processes to other sites is planned. Thereby, the production site in Steyr and the plants in Plauen and Wittlich 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.

The Executive Board of MAN Truck & Bus SE will enter promptly into negotiations on the realignment with the employee representatives. The total cost of measures within the framework of the realignment of the company will depend on the negotiation result.

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