German Manz to recude workforce in Germany, Slovakia, Hungary - report

Nov 30, 2012 - German solar power and flat panel display (FPD) solutions provider Manz AG (FRA:M5Z) will cut 62 jobs in Germany and 38 jobs in Slovakia and Hungary, in a move to cut back overcapacity in its solar segment, news agency DPA said today.

The staff reduction will affect about 10% of the Germany-based employees at the sites in Reutlingen, Tuebingen and Karlstein.

Manz division producing equipment for the solar industry took a hard blow this year. It booked a loss before interest and tax for the first nine months of 2012, which strongly exceeded the revenue booked for the period. At group level revenue dropped by 23.1% to EUR 147.7 million (USD 191.9m). The group booked a net loss of EUR 7.3 million for the nine months.

Manz employs some 2,000 employees, almost half of which are in Asia. Most recently in increased its headcount mainly in China.

(EUR 1.0 = USD 1.3)

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