Constellium SE has announced that it will reduce or suspend activities at certain of its manufacturing sites in recognition of the disruption caused by the COVID-19 virus to our people, customers and markets.
Constellium’s first priority is to protect its employees, their families and their communities.
We expect these actions to facilitate prompt and efficient resumption of full production levels once market conditions allow. In response to these developments and given the uncertainty regarding the duration and severity of the crisis, Constellium plans to aggressively reduce costs and capital expenditures, optimise working capital, and manage the supply chain to minimise the financial impact on the business.
“Over the past few years, we have significantly strengthened our business and improved our balance sheet. We maintain strong, long-term relationships with our customers across a diverse and resilient portfolio of end markets. Our year-end liquidity position of €516 million was strong and is expected to improve further in the first quarter of 2020,” said Jean-Marc Germain, CEO of Constellium. “Responding to customer demand and employee safety, we are taking decisive actions. While the situation remains very fluid, I believe we are well positioned to manage through this uncertain time.”
Constellium has already implemented proactive measures to protect the health and safety of its employees, in compliance with public health guidelines from the World Health Organisation (WHO), and governmental and local regulations and recommendations. This includes increased cleaning and sanitisation at its facilities, business travel ban, social distancing, strict policies for visitors and suppliers, and a work from home policy for employees at corporate offices.
Constellium will continue to closely monitor the situation.