Neways acquiesces to automotive angst, axes 250

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Neways today announces that it will adjust the structure of its organization. In the Netherlands, it will adapt the structure of two operating companies to be better positioned for future growth. It’s also structurally downscaling its capacity utilization in Germany, due to the lower demand from the automotive sector as caused by the pandemic. These organizational adjustments will result in the loss of around 250 jobs, largely in Germany. Forced redundancies are expected to be unavoidable.

Credit: Neways

“We don’t expect to see an immediate recovery in turnover from the automotive sector to pre-pandemic levels,” comments Neways CEO Eric Stodel. “This is reflected in our production volumes, especially in automotive. In addition, we want to create more synergy by adapting two operating companies and position them more effectively in the market. The adjustment of the organization is a drastic decision, all the more so because over the past few months, our employees have shown great resilience. It will be painful to bid farewell, but this is a necessary step if we’re to operate competitively in the future and to enable us as a group to move to more robust growth.”