Manz to cut workforce by 174, solar ops review in progress

German engineering group Manz AG (ETR:M5Z) announced today it would reduce its headcount by 174, with 73 employees in Germany losing their jobs.

As part of a restructuring programme, first announced in October and aimed at a return to operational profitability, the company will undertake further optimisation of the processes and structures. There will also be adjustments to capacities at home and in Taiwan and China. With such actions Manz targets cost savings of about EUR 7 million (USD 7.7m) beginning in fiscal year 2016.

The final decision on the package of measures will only be taken after Manz has completed its examination of the strategic options for its solar business, the company noted. This is expected to happen at the beginning of 2016.

Manz’s solar business offers machines for the production of solar cells and thin-film solar modules.

The company wants to focus on the growth markets Electronics and Energy Storage. The Managing Board is convinced that it is possible to benefit from the anticipated rapid growth rates in the field of storage technologies, Manz said.

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