MAN Energy Solutions plans to cut costs, jobs
MAN Energy Solutions, a producer of engines and turbomachinery, expects to cut $450m and 4,000 jobs as part of a restructuring meant to achieve viability in the long term and transform the company into a solutions energy provider. Stagnant sales as a result of the Covid-19 helped spur the changes. The cost-cutting measures are hoped to make the company's operations more flexible. Their goal is to achieve an operating margin of 9% and improve the company’s cash and liquidity position by 2023, while considering economic conditions resulting from Covid-19.
Several outlets have reported that MAN's parent company, Volkswagen, is considering selling the company. Several companies are speculated to be potential buyers in the case MAN is sold, including Mitsubishi Heavy Industries, INNIO, Cummins, and Kohler.
Covid-19 has rattled the turbomachinery industry. Turbomachinery International Magazine has asked dozens of turbomachinery companies about their experience handling the pandemic for stories in our June and August issues.
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