Germany: Cost-Cutting Measures Wacker Plans to Cut More Than 1000 Jobs by 2022
Wacker dropped a bombshell: The group has announced initial targets for its "Shaping the Future" efficiency program. According to this program, the company intends to save $ 270 million annually by reducing material costs and the scope of services provided internally and by streamlining its organization. As part of this program, the group will cut more than 1000 jobs by the end of 2022.
Munich - To ensure profitable growth, Wacker has launched an efficiency program. As part of this program, more than 1000 jobs are to be cut by the end of 2022 in the group's administrative departments as well as in indirect and non-operational functions in the business segments.
The focus will be on the German sites, with more than 80 % of the jobs to be cut. The company intends to prepare a package of socially responsible measures for the job cuts together with employee representatives. Possible instruments include retirement, partial retirement arrangements or termination agreements. If the desired goals can be achieved in this way, there will be no compulsory redundancies. Wacker employs a total of around 14,500 people worldwide, including around 10,000 in Germany.
CEO Rudolf Staudigl explains the background to the program, saying that the company is preparing for tougher competition in both its polysilicon and chemical businesses. With its efficiency program, the company is pursuing a comprehensive approach not only to cut costs significantly, but above all to strengthen and permanently secure its competitiveness for future challenges, the CEO continued.
Following an analysis of the current situation, the employee representatives have now been presented with the initial objectives for a realignment of the organization, the group said. Management's ideas are now to be discussed and evaluated further together, said Board member and Labor Director Christian Hartel. As in the past, the company wants continue to coordinate closely with the employee representatives and enter into constructive negotiations as soon as possible. Hartl expressed his confidence that the goals can be achieved with good and fair solutions.
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