MacGregor, part of Cargotec, plans to reduce its workforce by 100 in MacGregor Uetersen site in Germany in order to restructure the operations to the weak market demand.
In a press release issued Thursday, MacGregor said that the market situation had deteriorated due to the low oil price and low number of new merchant ship orders.
“Ensuring competitiveness in the long-term over the current market cycle requires constant development of MacGregor’s operations globally,” the company said.
MacGregor is planning to start capacity adjustment measures which are estimated to have an impact on approximately 100 employees at MacGregor Hatlapa GmbH & Co. KG in Uetersen by the end of 2015. The company says that the target is to reach annual savings of EUR 7 million ($7.9 million) as of 2016.
The initiated measures are estimated to create restructuring costs of EUR 5 million in 2015.
MacGregor Hatlapa delivers winches, steering gear and compressors.