Steyr Motors is not resting: After insolvency proceedings were opened against the manufacturer of special engines from Steyr (Upper Austria) in autumn 2018, which were not finalized until spring 2022, the company had changed ownership last year . And the German investment company Mutares, which took over Steyr Motors from Thales Austria GmbH, is now making cuts.
To ensure the company’s economic stability and competitiveness, it was decided to change its size to focus on the company’s core competency and consequently reduce the workforce – that was the message of Steyr Motors’ announcement on Wednesday. Means: a job loss is imminent!
For Mutares, owner of Steyr Motors since the end of November 2022, ensuring the long-term viability of Steyr Motors is a top priority. That leaves the investment company from Germany no leeway. The economic situation is precarious and economies of scale are inevitable.
In coordination with the works council
How many employees should be cut as part of the austerity measures was left open. In return, it was emphasized that a socially acceptable solution was being worked on in close consultation with the works council for the employees involved.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
