Personally, I disagree on this point – the market is far from mature. In other words, the market is still undergoing a transformation; disruption can be achieved in technology (batteries, grid connections, power plants, etc.), and market share can be expanded through different sales models. The new management doesn’t seem particularly innovative right now if their best answer is a continuous restructuring cycle.
Margin levels will simply not hold up if the product and sales are not competitive. A cost-cutting program might provide some relief, but at the same time, they need to figure out how to beat Alpitronic and the locals in the US market, as well as beat the incoming Chinese competition in Europe. On the other hand, no cost-cutting program will help if the new management can’t come up with anything beyond restructurings.