14 July, 2011
Prysmian, worldwide leader in the energy and telecom cables industry, unveils its new organisational structure, marking an important step forward in the integration with Draka, following the closing of the acquisition in March and the delisting from the Amsterdam Stock Exchange in April. Along with the new organisational structure, which comes into effect from July, the Group has set itself a new Mission and a new strategy that aims at promoting both the Prysmian and the Draka commercial brands under the new Prysmian Group corporate umbrella.
“The launch of the new organisational structure – explains CEO Valerio Battista – marks a fundamentally important step in the integration process between Prysmian and Draka. We have put together the best of the two companies, with the goal of designing an organisation that is lean, efficient and fast in managing change and promoting innovation while being able to stay close to customers and markets. Now we have the right people in place and the ideal conditions for achieving the annual earnings target of between €530 & €580 million in ADJ Ebitda. This will also allow us to start reducing the level of debt, which has risen due to the acquisition”.
The new Group’s matrix structure organisation revolves around two business units: energy cables and systems and telecom cables and systems. Most of the product lines will be managed by both geography and business, from building wires and underground power transmission and distribution, to fibre optic and copper telecom cables and special cables for industrial applications for renewable energy and the oil & gas industry. The more globalised product lines (submarine cables, optical fibre and telecom components, cables for the automotive, transport and aerospace industries, flexible pipes and umbilicals for the oil & gas industry, special cables for elevators) will be managed cross-nationally by business.
The new Group’s key people have also been appointed following an assessment of Prysmian and Draka’s best resources. This new management structure includes 300 top positions, from the Group Chief Executive Officer’s staff functions, to the individual country CEOs and headquarters directors of the various business segments. The launch of the new organisational structure effectively ratifies the birth of the new Prysmian Group, with €7 billion in turnover (pro-forma 2010), a presence in 50 countries with 98 plants and 22,000 employees. At the same time as devising the new organisation, the integration team has developed a new Mission and the branding strategy that will accompany the Group to market.
To support the sustainable supply of Energy and Information as primary drivers in the development of communities, providing our customers with superior cable solutions based on state-of-the-art technology: these are the core elements of the new Vision and Mission. The Group has also decided to retain and promote both the Prysmian and Draka commercial brands, both of which have strong recognition on their respective markets, at the same time as creating the new Prysmian Group corporate brand.