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Business

MG Technologies Cut Jobs After Profits Drop

Shares in the Frankfurt-based engineering and chemicals group MG Technologies fell on Wednesday after the release of disappointing year-end figures. The company said it was forecasting a 13 percent fall in profits in the 2001-2002 financial year, although its diverse product range still means it turned a 190 million euro ($190.5 million) profit at a time of weak economic growth. However, the company’s electronic and auto supply arms have been affected by the slowdown. MG Technologies employs around 33,000 people worldwide. Some 1,000 of those jobs will now be eliminated in an effort to reduce overhead costs, the company said.