Royal BAM Group announces a major reorganization on Wednesday. The construction company says it is forced to intervene as a result of the corona crisis and because it has less tendered for tenders.
The latter is a strategic choice, because the works for which BAM subscribes must be profitable for the company. At the end of last year, BAM employed 19,500 employees.
The total reorganization should save around 100 million euros in costs on an annual basis. Most of the cost savings will be achieved by significantly reducing the workforce. That amounts to around a thousand jobs that are lost.
“Given the effect of the COVIC-19 pandemic and the disappointing results in the first half year, we are taking far-reaching measures to structurally improve our profitability,” says brand new CEO Ruud Joosten.
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