Homag Group AG Adopts Efficiency-Boosting Measures, Reduces Capacity

• HOMAG Group AG is implementing a package of measures to enhance efficiency and adjust capacity.
• The measures will result in extraordinary expenses valued at €35 to 50 million, which will be accounted for in the fourth quarter of 2023.
• The main element of the package is the planned elimination of nearly 600 jobs in Germany and abroad.
• The job cuts are expected to generate recurring savings of around €25 million in 2024 and roughly €50 million per year from 2025.
• Due to a decline in demand, HOMAG Group’s order intake dropped by 32% in the first nine months of 2023, which is expected to result in a decline of up to 15% in sales in 2024.
• The package of measures also includes other flexibilization instruments such as the reduction of working-hour accounts and short-time work.

The price of Homag Group at the time of the news was 37,60EUR and was up +0,80 % compared with the previous day.

Homag Group

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ISIN:DE0005297204WKN:529720

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