on GTT (EPA:GTT)
GTT Implements Strategic Changes and CEO Transition
GTT Group has announced the initial outcomes of a strategic review of its subsidiary, Elogen, amidst a challenging market for green hydrogen. Elogen reported an EBITDA of -33 million euros in 2024, lacking substantial orders. The review suggests repositioning Elogen to leverage its technology by concentrating on research and development after fulfilling current orders.
This repositioning includes a reorganization project potentially impacting 110 jobs, with a voluntary redundancy phase to lower compulsory exits. Additionally, the Vendôme gigafactory project is suspended, pending local authority consultations.
Meanwhile, GTT’s other operations remain strong, meeting revenue and EBITDA targets for 2024. The resignation of CEO Jean-Baptiste Choimet prompted Philippe Berterottière, the Chairman, to step in as interim CEO, while the search for a new CEO begins.
R. H.
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