French consumer appliances group SEB said Wednesday it was targeting 2,100 job cuts globally including 500 voluntary departures in France as part of a major restructuring.
The job cuts at the French group SEB, which includes brands such as Moulinex, Tefal and Rowenta, are part of a plan designed to save 200 million euros, after what CEO Stanislas de Gramont described a "difficult year".
Some 900 jobs are threatened in Europe with 700 set to go at other sites including in Brazil, Egypt and Turkey.
There will also be talks with German unions at German-based plants. Job losses in France would not be compulsory, said de Gramont.
Net profits for SEB were up 5.6 percent from 232 million euros in 2024 to 245 million euros. But the 2024 results were hit by a 190-million euro fine by the competition authority for price collusion with other appliance manufacturers.
Without that fine, the trend in 2025 would have been significantly less favourable.
Operating income, which does not take the penalty into account, fell by 25 percent largely owing to business in the United States disrupted by the effect of tariffs.
"In an environment that remained complex, Groupe SEB recorded a slight organic sales growth in 2025, but a marked decrease in its profitability, reflecting a difficult year," de Gramont said in a company statement.
Shares in the group soared 11.8 percent to 57.10 euros in morning trading in Paris.
(with AFP)
