DGAP-Adhoc: DEUTZ AG: DEUTZ reaches agreement on a key issues paper as part of the implementation of its global efficiency program

2020. augusztus 18., kedd, 18:57





DGAP-Ad-hoc: DEUTZ AG / Key word(s): Miscellaneous


DEUTZ AG: DEUTZ reaches agreement on a key issues paper as part of the implementation of its global efficiency program


18-Aug-2020 / 18:57 CET/CEST


Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.


The issuer is solely responsible for the content of this announcement.




Today, DEUTZ has reached agreement on a key issues paper, representing an important milestone in the implementation of its global "Transform for Growth" efficiency program. The aim of the measures agreed in this context is to further strengthen the Company"s competitiveness at a global level whilst protecting the viability of Germany as a company base.



Central aspects of the key issues paper are a socially responsible headcount reduction of up to 350 by way of a volunteer program for the Company"s German sites, an interim employment company to operate in conjunction with the volunteer program, and the agreement of a social compensation plan.



All in all, the global workforce will be reduced by up to 1,000 positions by 2022. In the first half of 2020, staff numbers were already scaled back by around 380 through natural attrition and a reduction in the number of temporary workers.



Against the backdrop of the planned measures, the Company is going to set aside provisions for restructuring costs - predominantly in connection with personnel measures - of €35-40 million in the current quarter.



By implementing this global efficiency program, DEUTZ aims to realize annual cost savings of around €100 million from 2022 onward.



 


Contact:

Leslie Isabelle Iltgen

Communications & Investor Relations

Senior Vice President

Tel. +49 (0) 221 822-36 00

Fax: +49 (0) 221 822-15 36 00

E-Mail: leslie.iltgen@deutz.com








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Language: English
Company: DEUTZ AG

Ottostraße 1

51149 Köln (Porz-Eil)

Germany
Phone: +49 (0)221 822 0
Fax: +49 (0)221 822 3525
E-mail: ir@deutz.com
Internet: www.deutz.com
ISIN: DE0006305006
WKN: 630500
Indices: SDAX
Listed: Regulated Market in Dusseldorf, Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1120267





 
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1120267  18-Aug-2020 CET/CEST







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