Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
The cable manufacturer Nexans has announced a reorganization and saving project that will lead to the loss of about 478 jobs in the EU out of a total of 14,700 in this area (26,000 employees worldwide), mainly in France (over 200 job losses), Germany (67 posiitons) and Norway (121 positions lost in two site closures). The restructuring plan includes the partial externalization of certain functions, such as procurement and adjustments in accounting.
The restructuring aims to respond to a contracting market and to protect Nexans’ competitiveness. The group has identified four improvement drivers: 1/ optimize the structure of the Group's support functions ; 2/ adapt regional structures ; 3/ reduce the fixed costs of market lines in Europe ; 4/ reduce production capacity for the utilities market line in Europe.
Nexans has started information and consultation procedures and “intends to minimise any social consequences that may arise from the project, taking into account the specific local context and social regulation in each country concerned”. The group makes the commitment to identify “the best possible solutions for redeploying employees and providing individualized support for those employees whose positions may be affected by the project”. It will also create 46 new positions in Europe. In October 2013, Nexans Group had already announced a plan to cut 486 jobs in Europe and to create 39 jobs in France, Germany, Switzerland, and Italy.
Eurofound (2015), Nexans, Internal restructuring in European Union, factsheet number 83699, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/83699.