2023-07-11 07:22:00
“In view of the great hope, the disappointment is all the greater,” said Nikolaus Lutje from the German Protection Association for Securities Ownership (DSW) before the general meeting of the German Montana Tech subsidiary on Tuesday.
With batteries, Varta is actually a company that fits in with the times in terms of technology. The company from Ellwangen in Germany must get more out of this future topic, said Lutje.
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Varta wants to cut jobs in the face of losses. Lutje remarked that the recent past had been ugly. The restructuring program decided in March was necessary, it needed a signal to the capital market. In the opinion of the shareholder representative, one cannot deny the willingness of the board to do something. The course was set in such a way that it might work to get out of the situation once more.
Also for Daniel Bauer, chairman of the board of directors of the Protection Association of Capital Investors (SdK), the expectations of the business have not been fulfilled. Bauer criticized operational difficulties and high levels of debt. That has to be fixed now. The management has taken appropriate measures. He believes that the numbers are now improving. But of course it depends on how quickly the measures take effect.
In April, Varta announced that it would cut around 800 full-time positions across the company in order to cut costs. According to this, around 390 jobs are to be cut in Germany over the next two years. Varta was deep in the red in the past financial year. The price of the share was recently just under 20 euros, a year ago it cost a good 80 euros. According to its own information, the company currently employs around 4,700 people.
In XETRA trading, the Varta share temporarily gained 1.51 percent to 19.83 euros.
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ELLWANGEN (awp international)
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