DECISION TO IMPLEMENT A RESTRUCTURING PLAN

Press releasesDecember 28 2020

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Brussels, 28 December 2020 – AKKA announces that it has launched an information-consultation procedure with employee representative bodies in France which should lead to the implementation of a restructuring plan adapted to the company’s current workload in the Aeronautics’ sector where the takeover is not materialising.

At this stage, discussions with the social partners concern the elimination of about 900 jobs, mainly in the Occitanie region. Simultaneously, however, the Group is continuing to do everything possible to find solutions to the problems caused by the severity of the current crisis in this sector and thus protect a maximum number of jobs possible and fuel future growth. Therefore, the ambitious digital training plan, known as the upskilling plan, launched in September has already enabled 450 people in France to be trained, thereby safeguarding many jobs. AKKA is continuing to work on several innovative projects, which are currently in the definition phase, and, if successful, could enable approximately a hundred additional jobs to be saved.

The various steps taken by AKKA aim at maintaining a maximum number of skills and know-how and repositioning them on higher value-added offers. The Group also did this in Germany, where the redundancy plan implemented ultimately led to 800 job cuts rather than the 1,200 initially envisaged, while 400 people benefited from the training plan.

As the decision to implement this restructuring plan was taken in 2020, the associated restructuring costs will be implemented in the 2020 financial statements. As the number of job cuts has not been precisely defined and discussions with the social partners have not been finalised, it is premature at this stage to estimate the amount of these non-recurring costs. This amount will be defined based on the latest information available at the time the annual financial statements are drawn up, which will be published on 17 March 2021.

Dec 28 2020

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Decision to implement a restructuring plan

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