Transformation Program for sustainable Growth and Competitiveness

Festo has launched a company-wide transformation program to position itself for a sustainable future as a financially independent family-owned company. The program is also intended to strengthen and expand the company’s position as a globally successful innovation leader. Alongside structural realignments to its global organization, the company plans to cut 1,300 positions in Germany.

Far-reaching changes in global markets, growing competition from Asia and geopolitical crises are currently also challenging Festo significantly – all over the world, but especially in Germany. Against the background of increasingly difficult market conditions, the company is implementing a global transformation program designed to boost both growth and efficiency.

Thomas Böck, Chairman of the Management Board: “We need this transformation program now, while we can still act from a position of strength. Our goal is to consolidate our global position so that we can further expand our leading role in automation technology and technical education. To this end, we are streamlining our structures and optimizing our cost base responsibly to ensure we have the capacity to invest and operate with a long-term focus.”

Position cut in Germany

To create the financial flexibility needed for the transformation, Festo plans to optimize its structures in Germany. This will involve cutting 1,300 positions across all areas. During the ongoing consultations, the Company and the German Works Council are discussing how to implement this position cut in the most responsible and socially responsible manner possible. Details have not yet been finalized.

Festo is undertaking this step in the strong conviction that it will secure its competitiveness in the long term.

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