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.

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TAGS: Wire & Cable
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