Schwing to Cut Jobs Ahead of Sale to XCMG, FT Deutschland Says

Schwing GmbH, a German maker of construction machinery, is cutting more than a fifth of jobs at its headquarters in Herne ahead of the company’s sale, Financial Times Deutschland said, citing Eva Kerkemeier of the IG Metall union.

The elimination of 170 jobs from 800 in Herne was probably a pre-condition to the sale, Kerkemeier said, according to the German newspaper. China’s XCMG Construction Machinery Co. (000425) has agreed to buy Schwing, FTD said, citing unidentified people from the financial industry and the manufacturer.

Workers will get 600 euros ($788) per year they were employed by the company, FTD said

To contact the reporter on this story: Sheenagh Matthews in Frankfurt at smatthews6@bloomberg.net

To contact the editor responsible for this story: Benedikt Kammel at bkammel@bloomberg.net

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