Saint-Gobain sees no rapid global rebound

French glass and construction materials firm Saint-Gobain foresees no sign of any vigorous economic rebound before the end of 2002 and confirmed its outlook for earnings growth of up to 4 percent.

Saint-Gobain, whose businesses expose it to the construction, automobile, high tech, and retailing industries, is considered a bellwether of the health of the wider economy.In an interview with French newspaper Le Figaro, Saint-Gobain Chairman Jean-Louis Beffa said the crisis of overinvestment, particularly in the new technology sector, was far from being absorbed."I see no growth axes in this area before the end of this year or even next year," he said, adding global rebound would therefore be "moderate, but real."

"On the other hand, it will not give signs of vigor, in my view, before the fourth quarter," he added.

Beffa reitered his forecast for growth in earnings per share of between zero and 4 percent and said Saint-Gobain should benefit from a stronger rebound next year.

"We are studying investments in Asia, notably in China," he added, though he insisted Saint-Gobain had no need to change its product portfolio in the light of its results.

Saint-Gobain closed on Monday up 0.8 percent, at 193 euros.

600450 Saint-Gobain sees no rapid global rebound
Date: 21 May 2002
Source: Yahoo

See more news about:

See more from these topics:

Others also read

Each of the façades will be opened up to allow maximum daylight and accessibility, whilst replaced by a collection of differing sized ‘boxes’ inserted into the existing structural frame.
Solar has become the driving force behind the boom in renewable energies and solar capacities are growing rapidly. The trend now is to integrate solar cells into building facades and vehicles, mainly their glass surfaces.
Sono-Tek Corporation is pleased to announce the development of a new coating technology – Ultrastatic Enhanced Spray Coating (“ESC”). This unique deposition technology was jointly developed by Sono-Tek Corporation and SAMES KREMLIN, France.
Launched in September 2017, the Solar Smart Mobility project aims to develop and industrialise a total new production area in supple, transparent photovoltaic glazing adapted to transport applications.
Over the last five years, Sandton (South Africa) has been a magnet for large-scale developments. Designed by Boogertman + Partners Architects, the 85 000 m2 Discovery building is one of them.
Compagnie de Saint-Gobain’s Board of Directors decides to propose the renewal of the Director’s term of office of Mr. Pierre-André de Chalendar and to co-opt Ms. Dominique Leroy, CEO of Proximus, as an independent Director.

Add new comment