VW's MAN to cut 1,400 jobs at diesel-engine unit

It aims to streamline internal processes, improve its cost structure and tackle development of the company's strategy and portfolio

Volkswagen's MAN division plans to cut 1,400 jobs at its diesel-engine unit with the goal of improving cost savings by more than 450 million euros ($504.23 million).

Under the new plan called "Basecamp 3000+", MAN's Diesel & Turbo division aims to streamline internal processes, improve its cost structure and tackle development of the company's strategy and portfolio, it said.