MAN Truck & Bus will invest nearly €1 billion ($1.16 billion) in its German plants by 2030 while cutting costs and securing jobs, the company said Thursday.
Under an agreement with labour representatives and the IG Metall union, 2,300 job cuts are planned over the next decade, but forced layoffs are banned until 2035. Cost reductions of around €900 million are expected by 2028, News.Az reports, citing Reuters.
CEO Alexander Vlaskamp said the deal balances competitiveness with responsibility to German industry. The union noted that job reductions will largely occur through retirements, while MAN continues investments in Eastern European sites.