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Vallourec cuts 3,000 jobs and closes Saint-Saulve

2022-05-18T16:56:54.584Z

The oil services company says it can no longer produce competitive steel tubes in Western Europe. Less than two years after a previous social plan, Vallourec announced on Wednesday the cessation of its European seamless tube manufacturing activity. This will lead to the closure of several factories, including those located in Germany and Saint-Saulve (North), he detailed. A total of 2,950 jobs will be cut worldwide. The challenge, as presented by the new CEO of the group Philippe Guillemot, is



Less than two years after a previous social plan, Vallourec announced on Wednesday the cessation of its European seamless tube manufacturing activity.

This will lead to the closure of several factories, including those located in Germany and Saint-Saulve (North), he detailed.

A total of 2,950 jobs will be cut worldwide.

The challenge, as presented by the new CEO of the group Philippe Guillemot, is to stop the haemorrhage of cash.

The group emerged in February 2021 from a restructuring plan which resulted in the elimination of 1,000 jobs (including 350 in France) and a seizure of power by creditors.

A recapitalization of 300 million euros followed in June 2021. Vallourec was slightly profitable in 2021.

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 Faced with competition from Eastern European countries, Europe can no longer be a production base for tubes destined for the Middle East or other regions,” argues Philippe Guillemot.

Our competitors actually came to this conclusion a while back…

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Source: lefigaro

All business articles on 2022-05-18

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