French equipment maker Alcatel-Lucent is forging ahead with its plans to sell assets worth €1bn (US$1.4bn) by 2015.
The asset shedding move was first announced in June as part of its Shift Plan, which is aimed at repositioning the loss-making company…
French equipment maker Alcatel-Lucent is forging ahead with its plans to sell assets worth €1bn (US$1.4bn) by 2015.
The asset shedding move was first announced in June as part of its Shift Plan, which is aimed at repositioning the loss-making company from a telecoms equipment generalist to “an industrial specialist in IP networking and ultra-broadband access”, it said at the time.
Commenting on Alcatel’s third quarter results today, CEO Michel Combes reiterated that the asset sales “remain part of the Shift plan and we are actively working on them”.
The Shift Plan is targeting €1bn in fixed cost savings and asset sales of more than €1bn over 2013-2015. It is also aiming for €2bn in debt reprofiling and future debt reduction of €2bn.
In its Q3 results, the French company reported losses of €200m, which include restructuring charges of €117m. Revenues were at €3.7bn, up 7% year-on-year.
