French cable giant Nexans is downsizing its European workforce as it launches a new savings project aimed to respond to market challenges.
The company said that the project may involve all European countries and in particular France, Norway and Germany.
As earlier reported, the Norwegian division, namely the Halden factory, was already affected in April, with 90 workers loosing their jobs and 25 more to be temporary laid off in July.
According to Nexans, these new adjustments would result in 478 positions cuts and the creation of 46 new positions in Europe.
“The initial results of the industrial and functional restructuring implemented in 2014 demonstrate this was the right strategy for the Group’s transformation. However, the efforts already made prove insufficient to put Nexans on a more competitive footing for the long term,” said the company in a press release.
Nexans said that details on further development should be available at the time of the half-year financial results release in July 2015.