Nexans will shut its Tottenham manufacturing facility by the year’s end, with the cable maker citing a structural decline in demand and the high dollar.
News Corp reports that 90 jobs will be lost when the company closes the manufacturing facility.
The French-headquartered company has an industrial presence in 40 countries, according to its website, and will continue to manufacture at two New Zealand sites.
The general manager of human resources and corporate affairs, John Thornton, told News Corp that the strong Australian dollar and a decline in demand were behind the closure.
“Our warehousing, head office, sales and sales supply chain, and technical and administrative people will remain here,” he told News Corp.
“We are taking this decision to position the company for a sustainable and successful future.
“We will still be Australia’s largest power cable provider.”
The announcement of the factory’s closure was made earlier this month by Nexans’ CEO and chairman Frederic Vincent, Reuters notes, and followed an operational improvement plan.