PARIS (Reuters) - French construction materials group St Gobain (PA:SGOB) on Monday withdrew its 2020 financial outlook as a result of the global coronavirus pandemic and added it would be stepping up cost-cutting measures.
St Gobain said it would be targeting a far bigger cut in 2020 capital expenditure than the 200 million euro reduction initially planned by deferring all possible projects scheduled in the coming months.
St Gobain added it had a sufficiently solid financial position to be able to cope with the impact of the coronavirus, with 5 billion euros in cash as of end-December and a recently signed new syndicated credit line of 2.5 billion euros.