The 2020 Mid-Year Economic Update_long

General Cable to Layoff 7% of Global Workforce in Restructuring

Plan is expected to save $75 million annually.

General Cable Corp. (NYSE: BGC), Highland Heights, KY, is restructuring to improve profitability and return on invested capital in its three reportable segments. The restructuring program is expected to result in annual savings of $75 million with the closure of underperforming assets, as well as consolidation and realignment of other facilities.

The restructure will take place over the next 12 months and is anticipated to include elimination of 1,000 positions globally, representing nearly 7 percent of the company’s workforce.

The company is also reducing expenses in selling, general and administrative.

“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,” said Gregory B. Kenny, president and CEO. “We believe these actions are essential to improving both the near-term performance as well as assuring the long-term success of the company.”

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