The company said the current pandemic and its effects on the world economy had increased entrepreneurial challenges for the globally active group once again.

"We expect a lower order volume in the USA and Europe in the current fiscal year,” said Dr Martin Stark, Siempelkamp's CEO.

“In addition, our core markets have shifted towards the Asian market in the past and coming years," explained.

"Due to the current global development in the context of the Corona pandemic we do not see a quick recovery.”

The restructuring program focuses on organizational and process optimisation, as well as various sales and digitalisation offensives and a strengthening of the production network.

In addition, it is planned to adjust the personnel structure at the Krefeld location of Siempelkamp Maschinen-und Anlagenbau GmbH and Siempelkamp Maschinenfabrik GmbH to market realities. Dr Stark informed the Works Council of both companies about the plans of the management. In this context it is planned to cut approximately 260 jobs.

The goal is to implement the job consolidation as socially acceptable as possible in the coming constructive dialogue with the Works Council.

“The city of Krefeld and the location there is and will remain the heart of Siempelkamp,” said Dr Stark.

“We are working at full speed to sustainably strengthen the competitiveness of the Group and the companies at the Krefeld location. Together with our managers and employees we will make Siempelkamp fit for the future".