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German truck maker MAN to cut up to 9,500 jobs to become profitable

BERLIN (Reuters) - German truck maker MAN MANG.DE, which is controlled by Volkswagen VOWG_p.DE, said on Friday it could cut up to 9,500 jobs as part of a cost-cutting programme.

The programme's aim is to achieve an operating return on sales of 8% in 2023, the Munich-based group said bit.ly/2FmqLgG.

MAN said it planned a partial relocation of some of the development and production processes to other sites, adding that sites at Steyr in Austria and Plauen and Wittlich in Germany are up for discussion.

“The Executive Boards are currently expecting the personnel measures planned to cause restructuring expenses within a medium to upper three-digit million Euro range,” it added.

The company is targeting cost savings of 1.8 billion euros.

Reporting by Thomas Seythal in Berlin and Jan C. Schwartz in Hamburg; Editing by Caroline Copley

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