In response to the downturn in the global economy, the Board of Management of technotrans AG has approved an extensive package of cost-cutting measures in consultation with the Supervisory Board. These efficiency measures are designed to prepare the company promptly for what is likely to be a sustained period of economic slowdown or even a deterioration in the economy. The aim is to continue to operate successfully even in difficult market conditions and at the same time to maintain the traditional level of profitability. To achieve that goal, the cost reduction program introduced with the half-year financial report has been increased from €3 million to some €8 million worldwide, with reduced personnel expenditure accounting for over half of the saving. As well as the capacity adjustments that have already been made during the course of 2008, there are plans to reduce the workforce step by step by up to 15 percent; this measure is not likely to cost more than € 1 million and will be completed mainly during the current financial year. The Board of Management is convinced that its actions will prepare the ground for technotrans yet again to perform better than the industry as a whole next year, even in the event of revenue falling to a yet lower level.
