The Demag Cranes group saw order intake down 49.8% from EUR346.5m in the third quarter of the 2008 fiscal year to EUR174m, with its order book sitting at EUR384.4m, down 27.8% from the EUR532.2m recorded during the same period last year. Revenue was down 28.4% from EUR308.2m to EUR220.6m, ad net income after tax dropped from EUR26m to a loss of EUR31.3m.

Results for its port technology segment, which includes Gottwald, saw order intake down 55.9% from EUR75.5m to EUR33.3m, the order book value down 31% from EUR121.5m to EUR83.9m and revenue down 56.9% from EUR81.7m to EUR35.2m.

In Demag Cranes’ industrial cranes segment, order intake was down 58.7% from EUR183.4m to EUR75.8m, the order book was down 29.7% from EUR352.1m to EUR247.5m and revenue was down 17.7% from EUR145.2m to EUR119.5m.

Services fared little better, with order intake down 26% from EUR87.6m to EUR64.9m, the order book down 9.4% from EUR58.5m to EUR53m and revenue down 19% from EUR81.3m to EUR65.8m.

Demag Cranes said it is now working to ensure the long-term financial stability of the company.

The previously announced restructuring plan that will see 750 jobs cut worldwide will result in savings of up to EUR60m, it said. The restructuring plan will see fixed and variable costs reduced in the industrial cranes and port technology segments and the management of shared services such as IT, human resources and purchasing united. Demag Cranes is also working to reduce net debt through focusing on cash and working capital management.

“We have seen a dramatic decline in business in the past few months,” said CEO Aloysius Rauen. “With our comprehensive restructuring programme, we have taken the necessary countermeasures to make the group fit for the future on a lasting basis.”