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Vallourec "confirms working on the definition of an action plan to strengthen the competitiveness (of its) activities" in the country.
Photo: AFP / VNA / CVN |
The group reacted to news from the magazine Challenges, who said earlier in the day on his website that Vallourec was preparing for 2019 a "vast social plan" in France and Germany. Vallourec "formally denies the information that he is preparing a large-scale social plan for France", said Vallourec in a statement. The group added that the current plan at the boiler workshop at the Saint-Saulve site (North) will be completed at the end of December 2018.
With regard to Germany, Vallourec "confirms working to define an action plan to strengthen the competitiveness (of its) activities" in the country. This plan will be submitted "when the time comes" to consultation and negotiation of an agreement with the unions, said the group. Challenges said, without mentioning any source, that a social plan was being prepared for 1,800 jobs at three French sites and the Dusseldorf site in Germany. Before the denial of Vallourec, the president of Hauts-de-France, Xavier Bertrand (ex-LR), then questioned the Minister of the Economy, Bruno Le Maire, tweeting: "Mr. Minister, the State is a shareholder of @Vallourec via @Bpifrance: we ask for explanations immediately ".
Bruno Le Maire replied: "I am just as worried about the job as you are! @Vallourec has denied this information so there is no point in spreading it, in all our regions I am fighting for our industry, let's fight together!" on his Twitter account. Asked by AFP, Jorge Da Costa, CFDT delegate, was "very surprised" at the announcement of the article by Challenges who had "really worried" about France. He took note of Vallourec's denial which "reassures" and said to remain "confident". Mr. Da Costa also said that he had received assurances that there was no "nothing in preparation in France". According to him, union representatives see "very regularly the direction ".
The rating agency S & P's had lowered Monday Monday, November 26 note Vallourec, already in speculative category, B to B-, due to a gross operating surplus (Ebitda) below expectations. The rating agency estimated that "the main weakness of Vallourec came from its high costs, especially its assets in Europe ", leading to lower profitability than that of its competitors. On Tuesday, November 27, Vallourec had said in a statement that its liquidity situation was "solid".
The group indicated that it aims for 2019, "continued growth of its business for oil and gas companies" and aim "significant new cost savings". On the Paris Stock Exchange, the Vallourec share ended Wednesday, November 28 down 1.94% to 2,224 euros, in a market in equilibrium. The group announced in mid-November a reduction in its net loss in the third quarter to 92 million euros, against 119 million a year earlier. Over the first nine months, the net loss reached 399 million euros, against 373 million the previous year.
AFP / VNA / CVN
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