French tableware company Arc has secured a €120 million financial boost from its various lenders.

It will enable the group to implement its Synergie 2020 plan, which aims to strengthen the company’s industrial footprint, particularly in France, where it employs more than 5,000 people.

A total of 700 jobs will be lost, buy not replacig staff who retire and reducing the volume of temporary workers.

The funds will make it possible to finance major investments in the Arques site, especially in the cold end, in order to strengthen its competitiveness.

Arc will repay the loans in 2023 at a 12% interest rate.