Transforming for the future: MANN+HUMMEL announces plan to target improvement measures of EUR 150 million
Ludwigsburg, July 24th, 2020 – Following the successful execution of the restructuring program in 2019, MANN+HUMMEL continues to support and enable the organization to drive projects and processes to achieve the group’s strategic targets. Accelerated by the economic effects resulting from the COVID-19 pandemic as well as continuing changes in the automotive industry, the filtration expert proceeds with its transformation journey. For this, the MANN+HUMMEL Group announced the set-up of a Performance Office lead by Chief Supply Chain Officer Hanno Höhn, who will lead this new office in addition to his current role.
“To ensure we achieve a sustainable profitable operating model in the future, we require further essential reductions to our existing cost and value creation structures”, said Kurk Wilks, President and CEO of the MANN+HUMMEL Group. “To manage this program of large scale profitability improvement and change projects cross-functionally, we decided to establish a dedicated Performance Office. The activities led by Hanno are a prerequisite to successfully continue the transformation journey to achieve our vision of ‘Leadership in Filtration’.”
The Performance Office will guide the organization in streamlining the existing product portfolio, make adjustments to the organizational structure, and further optimizing processes. In addition, the team will promote cross-functional cooperation and agile work management.
“As we move forward with our strategic targets, keeping our company on a healthy financial level is imperative to maintain a solid base for profitable growth and to provide the necessary resources we need to transform for the future”, said Hanno Höhn.
In June, MANN+HUMMEL announced that the Group expects the fiscal year 2020 to be affected by the COVID-19 pandemic, but that the expert in filtration will continue with its transformation strategy, investing in restructuring, new strategic business fields, research and development in the area of highly innovative filtration solutions, as well as in digitalization.