HeidelbergCement's sales in Italy plunged in April, May - CFO

HeidelbergCement's sales in Italy plunged in April, May - CFO

Reuters  | Jun 04, 2020 12:35

HeidelbergCement's sales in Italy plunged in April, May - CFO

FRANKFURT (Reuters) - HeidelbergCement (DE:HEIG), the world's No. 2 cement maker, saw its sales fall significantly in Italy in the past two months, its chief financial officer told shareholders at the group's annual general meeting.

Lorenz Naeger said lockdown measures in the wake of the coronavirus pandemic had caused the temporary shutdown of several plants in Lombardy region, the epicentre of the outbreak in the country. CEO Dominik von Achten said that sales in Italy fell by more than 80% in April.

"The situation is improving at the moment. Production started again in the second half of May," Naeger said, but cautioned the pandemic's impact on full-year demand was difficult to assess.

Von Achten, in the job since February, said the group, second globally after Switzerland's LafargeHolcim (S:LHN), would present a new strategy at its capital markets day scheduled for Sept. 16.

© Reuters. FILE PHOTO: A logo of HeidelbergCement is pictured at their headquarters in Heidelberg

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