Saint-Gobain cuts jobs

Date: 22 October 2008
Source: Saint-Gobain
French building materials manufacturer Saint-Gobain has announced that it will cut 6,000 jobs as part of a €435 million cost reducing plan brought about by worsening global economic conditions.

Company spokeswoman Sophie Chevallon reports that 4,000 of the job cuts will be made this year, accounting for most of €300 million in cost savings this year. The majority of this year’s cuts will be made in the USA at a total of 1,550, followed by the UK with 1,100 job cuts and then Spain with 270.

Saint-Gobain also cut its earnings target for this year, claiming that it now expects to make profits similar to last year’s level, despite showing confidence of achieving modest growth earlier this year.

600450 Saint-Gobain cuts jobs glassonweb.com

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