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News Breaks
April 1, 2014
07:21 EDTBGCGeneral Cable downgraded to Neutral from Buy at DA Davidson
DA Davidson downgraded General Cable citing reduced Q1 guidance. Price target cut to $28 from $34.
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July 10, 2014
10:53 EDTBGCGeneral Cable slides after cutting jobs, FY14 income guidance
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06:44 EDTBGCGeneral Cable to host conference call
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July 9, 2014
16:22 EDTBGCGeneral Cable sees Q2 adjusted operating income within prior guidance
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16:21 EDTBGCGeneral Cable lowers FY14 adjusted operating income view to $200M-$230M
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16:18 EDTBGCGeneral Cable announces restructuring, to cut about 7% of workforce
General Cable announced it is implementing a restructuring program designed to improve profitability and return on invested capital in each of its three reportable segments. The restructuring program, which builds on the company’s existing productivity and asset optimization plans, is expected to result in ongoing annual savings of approximately $75M, beginning in 2014 with full realization starting in early 2016. The restructuring program is focused on the closure of certain underperforming assets as well as the consolidation and realignment of other facilities. The company is also implementing reductions in selling, general and administrative expenses globally. As a result of the restructuring, the company expects to record pre-tax charges of approximately $200M, which includes approximately $80M of cash costs. The company anticipates a majority of the total charges will be incurred in 2014. These actions are anticipated to result in the elimination of approximately 1,000 positions globally, representing nearly 7% of the company’s workforce. Progress on the restructuring will be communicated periodically throughout the implementation of the program which is expected to be completed over the next 12 months, the company said.
16:16 EDTBGCGeneral Cable announces restructuring, revises 2014 income view

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