Information about Euromold

Erembodegem, October 22nd 2009 - Nexans Network Solutions NV has announced today in a special works council its intention to cut 75 operator and 15 employee positions in its division Euromold. This division employs currently 318 people in Erembodegem.

The division Euromold designs, manufactures and sells connectors for the medium and high power networks. Marketing its products across the world, its main markets are Spain, France and Germany. Customers are mainly power distribution companies, who use Euromold products both for maintenance purposes as for the extension of their network (new connections).
 
 
Due to the economic crisis, the maintenance activities have largely been reduced whereas the collapsed European housing sector results in far less new connections. In Spain, Euromold's main market, an estimated 1 million houses are for sale.
 
 
In order to set off the down demand, the company put into place different cost reduction schemes. These included crisis suspension for employees and executives. The downturn in activities led to major economic unemployment with the operators, a situation which lasts now for almost 12 months. The management sees no improvement of the situation neither on the short nor on the long term and considers therefore the above mentioned restructuring scheme.
 
 
This restructuring has no implications for the other entities of the Nexans Group in Belgium.
About NNS division Euromold
Founded in 1970, Euromold is one of the market leaders in the field of prefabricated cable accessories for medium and high voltage. From its headquarters in Belgium, it operates a network of distribution and is oriented at power utilities, industry and OEMs (Original Equipment Manufacturers). Always taking the specific needs of its customers into account, Euromold provides a complete range of high quality cable accessories: premoulded connectors, terminations and joints for cables and epoxy bushings for transformers for voltage classes from 12 to 550 kV, as well as a large range of cold-shrinkable terminations and joints from 12 to 42 kV. Euromold makes a constant effort through research and development to provide the most innovative range of products offering excellent quality and durability. Currently Euromold employs 318 people in Erembodegem and had, in 2008, sales of 50 million euro.

Related Document