Electric bus maker Ebusco has said it will be cutting about 102 employees as part of its restructuring measures and this move has been propelled by restructuring efforts. As per the company’s announcement, this is equal to 16.5 percent of its total employees out of which nearly 655 were reported.
During the first quarter of fiscal year 2023, a reorganization is likely to be carried out.
“Ebusco has submitted a request to the UWV and has informed unions about its intentions,” the company said. Employees who will be laid off are primarily from production, warehouse and facility management silos.
Christian Schreyer, the CEO of Ebusco stated that reduction of employees is important to be able to return the company to profitability in the shortest time possible. It would be noted that Ebusco had earlier announced in January 2022 the intention of reducing employees and the production line of the company for some time to manage expenditures.
In the early months of the year, the company began experiencing difficulties as a result of several supply problems that ended up losing them tens of millions of euros in costs. In particular, the firm would issue shares worth about 36 million euros, which would aid in saving the publicly-traded company based in Deurne from bankruptcy.
This marks a greater aspect of the restructuring process where Ebusco seems to be more keen in enhancing its operational activities which were troubled by financial distress.
