Bouygues Immobilier plans layoffs as construction market weakens
08/04/2024 20:57
By Olivier Cherfan
April 8 (Reuters) - Bouygues Immobilier BOUY.PA said
on Monday it plans to cut 225 jobs at its property development
unit in France as construction demand weakens, and will consult
with employees before implementing it.
The plan involves voluntary redundancies and internal
redeployment, it said, citing the need to remain competitive.
"The company must continue to adapt to the potential of its
market, and to its backlog and development portfolio," it said.
Negotiations with employee representatives will take place
over the coming weeks, the group added.
Bouygues Immobilier has 1,054 employees in France and
posted sales of 1.74 billion euros ($1.89 billion) in 2023.
French peer AST Groupe ALAST.PA , which also announced
cost-cutting measures last month, suspended on Monday the
trading of its shares, saying it was "continuing discussions
with its various partners, guarantors, bankers and public
creditors."
French rivals Vinci Immobilier SGEF.PA and Nexity
NEXI.PA announced redundancy plans in January and February,
respectively.
($1 = 0.9215 euros)
(Reporting by Olivier Cherfan; Editing by Richard Chang)
((olivier.Cherfan@thomsonreuters.com))