Chargeurs speeds up planned restructuring
Addressing the textile and communications group's annual stockholders meeting , chairman Jerome Seydoux announced an immediate 10% work force reduction.
Effective June 3, the cutbacks, amounting to 1,300 positions in France, primarily affect the group's textile and auto transport divisions, which currently represent 75% of Chargeurs' $ 2 billion annual activities.
While advancing manufacturing-sector cutbacks originally planned for 1996, Chargeurs simultaneously accelerated its communications-sector activities.
Despite an announced $ 45 million reduction in the group's investment programs from 1992 levels, Seydoux revealed acquisition of a 20% interest in Tobis Filmkunst (Daily Variety, May 13).
Price of the share in the leading German indie distributor was reportedly $ 7 million, and Seydoux said the investment demonstrates Chargeurs' commitment to a wider European role as feature distributor.
Group's next buy-in, he said, is likely to be "in a smaller market, like Switzerland, Belgium or Holland."
Within its media holdings, Chargeurs produces and distributes feature films through Renn Prods., Allied Filmmakers, Pricel, AMLF and Guild Entertainment. Firms also operates a 305-theater chain with Pathe Cinema and recently announced partnership with Warner Bros to build four to five multiplexes in Holland.
In addition, firms' Canal Plus (20%) and BSkyB (17.5%) investments performed well, Seydoux said. Group administrators announced a 42-franc ($ 7.70) annual dividend.
