France's SEB targets 2,100 potential job cuts worldwide by 2027 (updated)
25/02/2026 07:10
Adds share move and analyst comments in paragraphs 3 and 5. SEB restructuring plan targets €200 million cost savings by end-2027 Measures to affect up to 2,100 jobs, of which 1,400 in Europe SEB expects 2026 operating result to rise after last year's drop Feb 25 (Reuters) - French small appliance and cookware maker SEB SEBF.PA said on Wednesday it would launch a restructuring plan that may impact up to 2,100 jobs worldwide by 2027, including 1,400 positions in Europe. The plan targets cost savings of 200 million euros ($236 million) by the end of next year, and will include cuts to indirect purchases, improved industrial efficiency and an optimisation of recurring costs, SEB said in a statement. Its shares rose 11% by 0811 GMT, on track for their best day since October 2021 if the gains hold, with analysts from French brokerage Portzamparc welcoming the reorganisation plan and newly announced 2026 targets. SEB expects its operating result from activity to rise this year, after reporting a drop of 25% in 2025. "The 2025 fiscal year revealed the fragility of the model: a rigid cost base, a lack of aspiration, and ineffective marketing activation," equity analysts from TP ICAP Midcap said in a note to investors. SEB currently employs 32,000 people. It makes flagship products like Tefal pans in France and other European factories, and small electrical appliances in China. The maker of Rowenta irons and Krups coffee machines expects to book a one-time spend of between 1 and 1.25 times the targeted recurring annual savings, with provisions recognised in 2026 and payment in 2027, it said. It aims to return to a net debt leverage of 2 times its adjusted earnings before interest, taxes, depreciation and amortisation by 2027. SEB had cut its annual profit and revenue forecasts for the second time in October, citing slower sales in Europe and a "wait and see" attitude from U.S. consumers and business clients. ($1 = 0.8472 euros) (Reporting by Alessandro Parodi and Dimitri Rhodes in Gdansk, editing by Milla Nissi-Prussak) ((Alessandro.Parodi@thomsonreuters.com;))