MAN To Cut 1,000 Jobs

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Updated at 10:35 a.m. EST, Oct. 20

German press maker MAN Roland said Tuesday it will eliminate more than 1,000 jobs. The move follows a loss of $10 million in the quarter ended Sept. 30.

Corporate parent MAN, a diversified industrial equipment and heavy-vehicle manufacturer, reported earning $26 million for the quarter, compared with a $59 million loss in the same period in 2001. Sales of $3.8 billion were down 6% from the year-ago figure. The job cuts are in addition to a reduction of 6,000 throughout the MAN organization, where the workforce had exceeded 75,000.

The press maker said 2002 worldwide earnings before taxes will be “slightly positive” and that its expectation of recording half of last year’s $89 million is “no longer achievable.”

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