Three weeks after the precarious situation at Steyr Motors became known, the savings plans designed to ensure the survival of the Upper Austria-based specialty motor manufacturer are becoming increasingly apparent. The workforce of approximately 130 employees will be significantly reduced.
“The situation is precarious.” “Drastic measures are essential for the company to survive.” The owner of Steyr Motors made official the difficulties at the special engine manufacturer in clear terms.
At the same time it became clear: there is no alternative to job losses for the company, which has only been owned by the German investor Mutares since November! However, they do not want to say how many employees have to leave. Now, three weeks later, the savings plans at Steyr Motors are becoming increasingly clear. The manufacturer of special engines is laying off 30 to 40% of its employees.
Voluntary social plan in planning
Converted to a workforce of approximately 130 employees, this means that up to 50 jobs will be lost. A socially acceptable solution for the separation is currently being worked on in close consultation with the works council and there should also be a voluntary social plan for the employees involved, it is said.
What’s next for Steyr Motors after the restructuring? Demand for special applications is still high and it is emphasized that sustainable growth is assured.
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.
