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