HeidelbergCement to cut jobs in Italy
Published by Joseph Green,
Editor
World Cement,
According to Bloomberg’s latest report, HeidelbergCement AG will cut jobs in Italy and sell assets in Belgium as it absorbs Italcementi SpA.
HeidelbergCement announced that the move aimed at returning the Italian business to profitability will affect about 400 of the 2500 positions in the country. Approval for the acquisition is being sought from European and US regulators and the deal is expected to close in early July.
HeidelbergCement agreed in July to acquire an initial 45% stake in Bergamo, Italy-based Italcementi for 3.7 billion euros (US$4.2 billion) to counter the merger of LafargeHolcim SA and to bolster business in southern Europe and Africa. The German cement producer has been aggressively trying to wring savings from the combination, raising a forecast earlier this year to €400 million.
As part of the revamp, 170 people at Italcementi will be offered jobs at other HeidelbergCement offices while between 230 and 260 people based in Bergamo may be let go. The overhaul will take until the end of 2020.
Edited from source by Joseph Green. Source: Bloomberg
Read the article online at: https://www.worldcement.com/europe-cis/07042016/heidelbergcement-cut-jobs-italy-850/
You might also like
The World Cement Podcast
In this special joint episode of the World Cement Podcast, and Cementing Europe’s future, the podcast of CEMBUREAU, David Bizley and Koen Coppenholle take a deep dive into the Clean Industrial Deal and a discussion of what it means for the European cement industry.
Listen for free today at www.worldcement.com/podcasts or subscribe and review on your favourite podcast app.
CEMBUREAU elects new President and Vice-President
Jon Morrish, Area Board Member for the Region Europe, Heidelberg Materials, is elected President, and José Antonio Cabrera, President of CEMEX, Europe, Middle East and Africa, as Vice-President.
