SEB SA UNSP.ADR EO-,01 ADR

Groupe SEB plans to cut costs at premium brand WMF with a savings programme that could eliminate up to 2,100 jobs, 1,400 of them in Europe; in German-speaking countries up to 600 positions are to be reduced on socially acceptable terms. Production of cookware, knives and baking tins in Riedlingen, Hayingen and Diez will be discontinued, and the retail network has already been reduced (129 outlets versus 137 a year earlier). The target is around €200 million in savings, but the restructuring will initially require provisions of €200–250 million; Geislingen will remain the company’s headquarters and competence centre for coffee machines. » More on faz.net