November 5, 2019 / 11:15 AM / 13 days ago

Germany's Norma launches cost-cutting plan to 2023

FRANKFURT (Reuters) - Germany’s Norma (NOEJ.DE), a specialist in engineered joining technology, said its supervisory board had approved a cost-cutting plan to bring savings of 40-45 million euros ($44.51-50.07 million) annually from 2020 to 2023.

The total cost would be 45-50 million euros up to 2023, the company said in a statement.

It said the measures will go beyond an already announced cost-savings plan.

A spokeswoman said layoffs were not excluded, but added that no measures had been fixed.

The SDAX-listed company faces challenges from a slowing economy and a transition in the car industry to battery-driven electric vehicles.

Norma will report nine-month earnings on Wednesday.

Reporting by Vera Eckert and Sabine Wollrab, editing by Louise Heavens

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