The Nordex Group has adopted a cost-cutting programme to respond to the continuing decline in demand and the sharp change in market conditions in its core market Germany as well as in other European countries.
In addition to planned savings in the cost of materials and other operating expenses, it also intends to lower its personnel expenses. Nordex wants to reduce these costs by a total of € 45 million in 2018. Of this, the cost of materials and other operating expenses will account for € 21 million and personnel costs for € 24 million. Against this backdrop, the company has now informed the employee representatives that it intends to reduce the number of jobs in Europe by 400 to 500 by the end of the current year. This primarily affects sites in Germany and, to a lesser extent, other European branches as well. The Group expects one-off expenses in a lower double-digit million range within the financial year 2017. The Group currently has some 5,200 employees around the world, of whom approximately 48 percent (2,500) are based in Germany.
