General Cable Announces 1,000 Layoffs in Restructuring for Better Profitability

General Cable expects to eliminate approximately 1,000 positions globally, representing nearly 7% of the company’s workforce, which will happen over the next 12 months.

General Cable, Highland Heights, Ky., this week announced a restructuring program that the wire and cable giant expects to produce annual savings of $75 million. The move, designed to improve profitability and return on invested capital, focuses on closing underperforming assets and consolidation and realignment of other facilities, the company said in a release. It also includes reductions in expenses tied to sales, general and administrative functions.

General Cable expects to elimi

All access premium subscription

Only Electrical Marketing newsletter subscribers have access to premium content.


Being a subscriber to the Electrical Marketing newsletter allows you exclusive access to high value content including key economic indicators measuring the health of the market and access to the Electrical Price Index and other important industry insights.

Sign up for the Electrical Marketing newsletter to get access.

TAGS: Wire & Cable
Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish