AGREEMENT WITH THE FRENCH WORKS COUNCIL
LONDON, April 6, 2022 (Global
Newswire) – Ferroglobe PLC (NASDAQ: GSM) (the “Company”), one of
the world’s largest producers of silicon metal, silicon-based
alloys and manganese-based alloys, announced today that it reached
a majority collective agreement with the French Works Council on
March 30, 2022 relating to a process that was initiated in April
2021 when Ferroglobe engaged the French and Spanish Works Councils
to discuss proposals for its asset optimization program designed to
safeguard its long-term future in Europe.
The formal consultation procedure
concerning the restructuring project in France initially targeted
355 jobs across the Company’s Château-Feuillet, Les Clavaux and
Chambéry sites. Subsequently the scope of the project was
amended in November 2021 to reflect the continuation of operation
at the Les Clavaux facility given new developments.
Collectively, this agreement results in 195 potential job
terminations and 35 employee transfers to other
The project is subject to final
approval from the French labor authority which is expected around
the end of April 2022.
Ferroglobe is one of the world’s leading suppliers of silicon
metal, silicon-based and manganese-based specialty alloys and
ferroalloys, serving a customer base across the globe in dynamic
and fast-growing end markets, such as solar, automotive, consumer
products, construction and energy. The Company is based in London.
For more information, visit http://investor.ferroglobe.com.
This release contains “forward-looking statements” within the
meaning of U.S. securities laws. Forward-looking statements are not
historical facts but are based on certain assumptions of management
and describe the Company’s future plans, strategies and
expectations. Forward-looking statements often use forward-looking
terminology, including words such as “anticipate”, “believe”,
“could”, “estimate”, “expect”, “forecast”, “guidance”, “intends”,
“likely”, “may”, “plan”, “potential”, “predicts”, “seek”, “target”,
“will” and words of similar meaning or the negative thereof.
Forward-looking statements contained in this press release are
based on information currently available to the Company and
assumptions that management believe to be reasonable, but are
inherently uncertain. As a result, Ferroglobe’s actual results,
performance or achievements may differ materially from those
expressed or implied by these forward-looking statements, which are
not guarantees of future performance and involve known and unknown
risks, uncertainties and other factors that are, in some cases,
beyond the Company’s control.
Forward-looking financial information and other metrics presented
herein represent the Company’s goals and are not intended as
guidance or projections for the periods referenced herein or any
All information in this press release is as of the date of its
release. Ferroglobe does not undertake any obligation to update
publicly any of the forward-looking statements contained herein to
reflect new information, events or circumstances arising after the
date of this press release. You should not place undue reliance on
any forward-looking statements, which are made only as of the date
of this press release.