• Development of a volunteer program for up to 350 employees in Germany
• Detailed planning of the interim employment company and the social compensation plan

Cologne, August 18, 2020 – DEUTZ has reached agreement on a key issues paper, representing an important milestone in the implementation of its global ‘Transform for Growth’ efficiency program, which will see a reduction of up to 1,000 positions in the company’s global headcount. This will be achieved in a socially responsible manner. Central aspects of the key issues paper are:

- Headcount reduction of up to 350 in a socially responsible manner by way of a volunteer program running from September 1, 2020 to March 31, 2021.
- An interim employment company to operate in conjunction with the volunteer program.
- Agreement of a social compensation plan.

The aim of the agreed measures is to further strengthen the Company’s competitiveness at a global level whilst protecting the viability of Germany as a company base. From 2022 onward, the ‘Transform for Growth’ efficiency program is scheduled to realize annual cost savings of around €100 million. Against the backdrop of the planned measures, the Company is going to set aside provisions for restructuring costs – predominantly in connection with personnel measures – of €35–40 million in the current quarter.