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 management of the cable manufacturer Nexans has announced a reorganisation of its activities in Europe, which should lead to 939 job cuts. This reorganisation should result in the reduction of 939 positions and the creation of 296 others, according to the management. The social consequences would affect Germany, France, Switzerland and to a lesser extent Belgium, Norway and Italy. The net job losses should then reach 643 positions.
In France, the group plans to cut 158 jobs, mainly at La Défense headquarters near Paris and there should be no site closures, according to a spokesman. The only production site that is expected to close is the one in Hanover, Germany, where land-based high-voltage lines are produced. It is in Germany that employment will be most affected with the loss of 503 jobs. In Switzerland, around 100 jobs are at risk, 78 in Belgium and around 20 in Italy. With this restructuring plan, Nexans's CEO hopes to reduce costs by €210 million per year. The objective is to achieve a 'more efficient and agile' organisation, especially at the hierarchical level.
Nexans employs 25,000 people worldwide and generated sales of €6.4 billion in 2017.
Eurofound (2019), Nexans, Internal restructuring in European Union, factsheet number 96528, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/96528.