Bekaert announces restructuring plans for Belgian plants

Bekaert is implementing actions to rebuild the financial performance of the business. The company said that it want to raise competitiveness and upgrade  capability and speed in responding to customer needs and fast moving market developments. Increased competitive pressure and a too high cost structure are affecting Bekaert margins, the compan announced. Bekaert therefore announced implementing actions that will improve our competitive position in the market place worldwide by significantly reducing cost structure, which is aimed to improve the financial performance of the Group sustainably.

These actions include, among others, the intention to restructure certain activities in Belgium. The management of Bekaert has  informed its Belgian and European works councils concerning the proposed measures and their possible impact on the activities and the employment in Belgium. The intended restructuring would affect 281 jobs in Belgium. The management aid that it regrets the personal consequences of this plan and, together with the social partners, will evaluate the options to mitigate the social impact

Source: Bekaert, Photo: Fotlia