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Parts Manager - Lift Truck Company East Rand

MAN down but not out for more than a week

2 Nov 2012

MAN, the truck-making arm of German giant Volkswagen, said it would halt production at two sites and send 15,000 staff home as it battles to contain losses.

A spokesman for the company confirmed to AFP that two German plants, one in Munich and another in Salzgitter, would close for a week. Staff would be forced to take leave.

The firm is due to release third-quarter results on Tuesday this week when more details about the state of the company would be released, the spokesman said.

Media reports have speculated on a second halt in production from December 24 to January 11.

MAN has seen profits skid amid an uncertain global outlook. In July, it reported that profits tumbled to €40m for the first half of the year compared with €854m last year. Revenue for the company was down by 3% to €7.7bn.

Earnings before tax were just €70m in the first six months, compared with €1.2bn in the first half of 2011. MAN employs approximately 52,500 people worldwide.