Vallourec reduces its workforce in North America
VALLOUREC SA SP/ADR (VLOWY)
NASDAQ:AMEX Investor Relations:
vallourec.com/en/group/finance/investor_relations/pages/default.aspx
Company Research
Source: GlobeNewswire
Vallourec reduces its workforce in North America Boulogne-Billancourt (France), April 6th 2020 – Vallourec announces today the reduction of its workforce in North America in response to the unforeseen, sudden and significant drop of activity confirmed by its Oil and Gas customers. This reduction will affect over 900 positions (over one third of our total workforce and contractor positions in North America) across all plants as well as support functions. Implementation will occur over the coming weeks following all internal and external procedures. In all countries, as commented previously, Vallourec is taking the appropriate measures to adjust working hours to activity levels, reduce fixed costs and investments as well as implementing strict safety measures to protect all employees from COVID-19. Edouard Guinotte, Chairman of the Management Board, declared “The world and the Oil and Gas Industry are living through extraordinary times, particularly in the US
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