The change involves three business units.
Italian eyewear company Safilo has announced a reorganization of its corporate structure.
The new setup "has the purpose to crystallise more efficiently unique deliverables and responsibilities among the business activities performed across the Group," the company said. It will also "enable a more immediate reading of the performance of the different business units."
Here's what the new structure will look like:
Safilo Group S.p.A., as the “holding company”, will host the corporate functions that provide corporate services to the entire group.
Safilo S.p.A. affirms its role as the “strategic company” that leads the global business, including global brand management, product design/creation, sourcing, quality assurance, sales operations/delivery and logistics.
Safilo Industrial S.r.l. - newly created and wholly controlled by Safilo S.p.A. - will be the Italian "manufacturing company" that comprises Safilo's Italian plants of Santa Maria di Sala, Martignacco and Longarone, along with the related employees. Safilo Industrial will thus operate within the group’s global industrial footprint, alongside the other manufacturing plants in China, Slovenia and the U.S.
Safilo noted: "The transfer of the employees involved will occur at current terms, maintaining the legal, economic and social conditions for all employees." Implementation is planned for January 2017.
Safilo explained that the reorganization "takes place within a broader, ongoing overall Legal Entity simplification."
The group will end the current year with 49 legal entities compared with 52 at the end of 2015.
Read more from Safilo