- Car supplier Webasto increases profit
Webasto, the automotive supplier, has announced the first successes of its cost-cutting program. While revenue decreased slightly in the first half, profits rose significantly thanks to substantial cost reductions. The roof systems manufacturer, based in Stockdorf near Munich, did not provide specific figures. So far, job cuts have occurred naturally through attrition. "We are also pursuing a very restrictive policy on new hires," said CEO Holger Engelmann.
Last year, Webasto, with 16,600 employees and stagnant revenue of 4.6 billion euros, managed to break even, but announced significant job cuts. "The era of stable growth is over," said Engelmann, also hinting at a tougher stance towards automakers: "The terms of contracts from the pre-crisis era are no longer sustainable. Given the enormous price fluctuations and volatile demand in series projects, we need to rebalance our business relationships."
In light of the announced cost-cutting measures, Webasto has Implemented a strategic focus on their 'The savings programme', aiming to maintain profitability despite declining revenue. Furthermore, CEO Holger Engelmann emphasized the importance of this programme, stating that they will continue to implement a cautious hiring policy to support the 'The savings programme'.
