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© pinonsky-dreamstime.com Business | July 10, 2014

General Cable to reduce staff numbers by 1'000

General Cable is implementing a restructuring program focused on the closure of certain underperforming assets as well as the consolidation and realignment of other facilities. The company is also implementing reductions in selling, general and administrative (SG&A) expenses globally.
The restructuring program is expected to result in ongoing annual savings of approximately $75 million, beginning in 2014 with full realization starting in early 2016. Restructuring efforts will result in the elimination of approximately 1'000 positions globally, representing nearly 7% of the Company’s workforce. The program is expected to be completed over the next 12 months.

Gregory B. Kenny, President and Chief Executive Officer, said, “While we strongly believe our business is well positioned for the long-term, we are continuing to face ongoing challenges in certain end markets and persistently uneven global demand and pricing. We have therefore decided to expand our productivity and asset optimization plans that were communicated earlier this year by implementing a broad restructuring program focused on improving profitability and return on invested capital in all of our segments. While these are difficult decisions that affect the lives of our employees, we believe these actions are essential to improving both the near-term performance as well as assuring the long-term success of the Company. We appreciate the contributions of all of our employees, and will support those impacted during this time of transition. As we move forward, we remain confident in our strategy, competitiveness and ability to create shareholder value. Over a business cycle, our operating model continues to support substantial incremental earnings as we further strengthen the alignment of our portfolio with the long-term fundamental growth prospects for energy, infrastructure and construction investments in our key end markets around the world.”

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