NEXANS PRESS RELEASE
Nexans announces a project to enhance its organization and restructure its European operations.
STRONGER FOCUS ON OPERATIONAL EFFICIENCIES AND COMPETITIVENESS.
LEANER, MORE AGILE AND COST-EFFECTIVE ORGANIZATION.
Paris La Défense, January 24, 2019 -
Nexans enters today an Information and Consultation process and announces a restructuring project that would allow:
- A complete resizing of the organization through the refocusing on its core Business Groups, suppressing regional structures and greatly reducing complexity;
- A leaner and more cost effective, agile organization, achieved through the rationalisation of hierarchical structures.
This project would help Nexans :
- achieve superior realignment of Corporate activities at headquarter level;
- sharing of certain functional activities between countries;
- refocusing certain industrial footprint.
Today's restructuring project would also contribute to the optimization of the Group Innovation and Technology existing structure, in line with the current evolution of the businesses towards more modularity and services.
This restructuring project would affect 939 positions, and will see the creation of 296 jobs. The main social impact would be in Germany, France, Switzerland and, to a lesser extent, Belgium, Norway and Italy.
Nexans will be working closely with all stakeholders to minimize the social impact of the project in accordance to applicable laws. Nexans is deeply committed to working closely with affected employees and unions representatives to provide the appropriate support.
Nexans CEO Christopher Guérin said: "The world market evolution and customer demand requires us to lead a profound transformation of Nexans, its skills, its positioning, its offers and its businesses. The aim of the New Nexans is to evolve beyond the market of cable commodities to become leader in energy, data, and systems management solutions. Today, the Group presents a project to employees and union representation to make the company leaner and more agile, sustainably restore its competitiveness and pave the way to capture more value from services and the development of innovative solutions. Entering the consultation process shall be an opportunity to explain and bring forward our proposals to achieve these goals".
Financial calendar
February 14, 2019: 2018 Full year results
About Nexans
As a global leader in advanced cabling and connectivity solutions, Nexans brings energy to life through an extensive range of best-in-class products and innovative services. For over 120 years, innovation has been the company's hallmark, enabling Nexans to drive a safer, smarter and more efficient future together with its customers.
Today, the Nexans Group is committed to facilitating energy transition and supporting the exponential growth of data by empowering its customers in four main business areas: Building & Territories (including utilities, smart grids, emobility), High Voltage & Projects (covering off-shore wind farms, submarine interconnections, land high voltage), Telecom & Data (covering data transmission, telecom networks, hyperscale data centers, LAN), and Industry & Solutions (including renewables, transportation, Oil & Gas, automation and others).
Corporate Social Responsibility is a guiding principle of Nexans' business activities and internal practices. In 2013, Nexans became the first cable player to create a Foundation supporting sustainable initiatives bringing access to energy to disadvantaged communities worldwide. The Group's commitment to developing ethical, sustainable and high-quality cables drives its active involvement within several leading industry associations, including Europacable, the National Electrical Manufacturers Association (NEMA), the International Cablemakers Federation (ICF) and CIGRE to name just a few.
Nexans employs nearly 26,000 people and has an industrial footprint in 34 countries and commercial activities worldwide. In 2017, the Group generated 6.4 billion euros in sales.
Nexans is listed on Euronext Paris, compartment A.
| For more information, please visit: www.nexans.com |
Additional information:
| Financial Communication | Corporate Communication |
| Michel Gédéon Tel: +33 (0)1 78 15 05 41 e-mail : michel.gedeon@nexans.com | Paul Floren Tel: + 33 (0)1 78 15 04 78 e-mail : paul.floren@nexans.com |
| Marième Diop Tel: + 33 (0)1 78 15 05 40 e-mail : marieme.diop@nexans.com | Angéline Afanoukoe Tel: + 33 (0)1 78 15 04 67 e-mail : angeline.afanoukoe@nexans.com |
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Nexans via Globenewswire
