Kentucky positions not affected
HIGHLAND HEIGHTS, Ky. (Aug. 8, 2014) — General Cable, a Fortune 500 company headquartered in Highland Heights, has announced plans to implement a global restructuring program that will eliminate 1,000 jobs worldwide.
Though the company did not initially release which facilities would be affected by the job cuts, General Cable later said the plan would not eliminate any positions in Northern Kentucky, where it employs some 400 people. In addition to its headquarter operations, General Cable also has sales and technology offices and an education center in Highland Heights.
General Cable is one of the largest wire and cable manufacturers in the world, specializing in copper, aluminum and fiber optic wire and cable products. The company has more than 14,500 employees across a network of 57 facilities in 26 countries. Most of the jobs affected by the restructuring will be manufacturing positions.
“While we strongly believe our business is well positioned for the long-term,” said General Cable President and CEO Gregory Kenny, “we are continuing to face ongoing challenges in certain end markets and persistently uneven global demand and pricing.”
Kenny said the restructuring plan is designed to improve the company’s profitability and return on invested capital. The restructuring program is expected to generate $10 million in savings in 2014, increasing to ongoing annual savings of $75 million beginning in 2016.