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August 23, 2017

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VW truck unit MAN stops production for one week in wake of fall in profits

BERLIN--MAN, the truck-making arm of German auto giant Volkswagen, said on Sunday it was halting production at two sites and sending 15,000 staff home next week as it battles falling profits.

A spokesman confirmed to AFP that two German plants, one in the southern city of Munich and another in the northern town of Salzgitter, would shut their doors and the staff would be forced to take leave from Monday to Friday.

The firm is due to release third-quarter results on Tuesday where more details would be revealed, the spokesman said.

Media reports have speculated on a second halt in production from Dec. 24 to Jan. 11.

MAN has seen profits skid amid an uncertain global outlook.

In July, it reported that profits tumbled to 40 million euros (US$52 million) in the first half of the year compared with 854 million euros in the same period last year as revenue dropped by three percent to 7.7 billion euros.

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