Vallourec to close sites in Germany, France and Scotland
Reuters
Published May 18, 2022 18:54
(Reuters) - Vallourec is starting a process to close its German manufacturing sites as it had failed to find a "credible" buyer for the assets, the French steel pipe maker said on Wednesday.
Vallourec also said it would close its heat treatment line in Saint-Saulve in France and a site in Scotland.
The firm, which in November announced plans to dispose of its German assets and relocate its oil and gas activities to Brazil, said the closure process in Germany would take place over the next two years and include the sale of the land and buildings.
Vallourec said in a call with journalists that the restructuring would result in 2,400 job losses in Germany, and a further 550 in the rest of the world, of which over 300 would be in France.
The company updated its core profit expectations for the year, seeing them "significantly above" 2021 levels, against a previous outlook of "further improvement".
Vallourec reported first-quarter earnings before interest, tax, depreciation and amortisation (EBITDA)of 45 million euros ($47.15 million), down from 80 million a year earlier.
($1 = 0.9545 euros)
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.