General Cable Corp. has announced that it is implementing a restructuring program that will shed 1,000 positions.
The Highland Heights-based manufacturer estimates that the restructuring will save about $10 million beginning this year, with full $75 million in annual savings by 2016. The company announced in a news release that the program will close “certain underperforming assets” while consolidating and realigning other facilities. It did not disclose which facilities would be involved.
“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,” President and CEO Gregory Kenny said in a news release.
“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.”
The 1,000 jobs that will be lost globally represent about 7 percent of the company’s workforce. The company also lowered its operating income guidance to $200-$230 million, down from $230 million.