READ MORE eak]
The initiative will identify excess costs across the entire company, opportunities to reduce overcapacity in production, and invest in research and development, new technologies as well as the quality of Senvion's products and services.
The planned measures will lead to a reduction of an estimated 780 jobs, mainly at Senvion's facilities in Husum, Trampe and Bremerhaven in Germany and make the company competitive again.
The company will meet with employees' representatives as soon as possible to begin the negotiations. Senvion hopes to agree on a mutually acceptable balancing of interests, and a severance scheme that will make its decision socially compatible.
"We are setting the ground work for the successful future of the company," said Senvion CEO Jürgen Geissinger. "There is no alternative to decisive changes in order to secure the long term competitiveness of our company with 4,100 employees.
"Senvion in recent years has developed new products, improved processes, and made the required investments. Now we have to follow through on our strategy and pave the ground for future global growth."
"We have consistently highlighted efficiency improvements as one of the core focus points for a successful future. The announced changes are tough but a required step in that direction," adds Senvion CFO Manav Sharma. ■
What to read next