LafargeHolcim rules out job cuts
LafargeHolcim ditched its profit forecast for 2020 and announced spending cuts to counter the downturn in construction caused by the coronavirus. The Swiss company said it was trimming capital expenditure by at least 400 million Swiss francs ($416.5 million) compared to 2019 and reducing fixed costs by at least 300 million francs. “There is no decision whatsoever to let people go or to cut jobs," a company spokesman said. LafargeHolcim employs 70,000 people globally. LafargeHolcim scrapped its guidance for annual sales to rise by 3%-5% and a recurring operating profit growth target of at least 7%. Although a recovery was beginning in China, it was experiencing disruptions elsewhere. It said it had strong liquidity of 8 billion francs, helped by the sale of assets last year, and would give a full assessment of the virus impact with first-quarter results on April 30.
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