After a long growth cycle, the Manitou group has been facing a downturn on its markets since mid-2019. The economic crisis resulting from the pandemic has amplified this downward trend. For the fiscal year 2020, the group anticipates a decrease in sales of around 30% compared to fiscal year 2019.

As soon as the first signs of the crisis appeared, the group implemented a series of health, economic and organizational measures to protect its employees and preserve its financial situation. In this continuity, the project presented today to the Central Employee Representative Committee anticipates a reduction of 63 indirect positions within Manitou BF. A period of voluntary leave would be opened in order to limit forced layoffs.

This project, combined with the measures already implemented in other countries where the Manitou Group operates, especially in the United States, India and Brazil, and with the Board's decision to waive the proposal to pay a dividend for the record 2019 fiscal year, will help to preserve the investment capacity required for the group to continue to innovate.