The lower capacity truck crane sector has been hardest hit, particularly in Europe, by the global financial crisis and subsequent collapse in residential construction.
Terex has, since 2008, taken a variety of measures to retain staff, including cutting overtime and placing employees at other local business. The company has decided that these steps have not been enough, and is now opening talks with employees’ representatives over redundancies. The company will also be seeking to renegotiate its employee bonus scheme.
