Nordex to cut 500 jobs
€45m in savings needed in wake of German, European slowdown
Nordex is to cut up to 500 jobs by the end of the year in response to ongoing market conditions in Germany and elsewhere in Europe.
The manufacturer has informed employee representatives that at least 400 positions will be going as part of cost savings of €45m in 2018.
“The aim is to achieve the necessary redundancies as socially acceptable as possible,” said Nordex. It expects one-off 2017 expenses in the lower double-digit range as a result.
Nordex employs 5200 worldwide with around 2500 in Germany. "There will be no reduction of staff in the business segments with which Nordex wants to achieve future growth,” it said.
Chief executive Jose Luis Blanco said: "Business in the European core market is currently flat to weaker and thus posing challenges for us. Capacity adjustments are painful but unavoidable.”
He added that only with competitive cost structures and efficient products we Nordex be perceived by our customers as "a trustworthy and attractive partner”.