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01Oct92 GERMANY: HANOMAG AG CUTS WORK HOURS.

Hanomag AG, the German wheeled loader manufacturer, is introducing shorter working days in an attempt to cut running costs and clear stocks of machines.Estimates put the value of machinery stockpiled at DM140 million (£55 million), although Hanomag was not able to confirm this figure.Up to 800 employees from the 1,500 strong workforce at the Hanover factory will work short time from the end of October to the start of the form's holiday break on December 24.By the end of next year, the firm plans to shed around 400 jobs, followed by another 300 at the start of 1994. The cuts coincide with a modernisation of the Hanover factory and the launch of some new models.There has also been a top management shake-up at Hanomag, with former president Dr Wolfgang Freimuth being replaced by Jurgen Seidel, although the other two directors are remaining.The company, which was bought by Komatsu two years ago, has been losing money for some time. Last year, Hanomag had losses of DM40 million (£15.8 million) on a turnover of DM327 million (£128.6 million).For 1992, Hanomag hopes to reduce its losses to DM25 million (£9.8 million) on a planned turnover of around DM345 million (£135.6 million).

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