July 7, 2020 / 6:23 AM / a month ago

BRIEF-Polypipe Group Says Restructuring Will Lead To Loss Of About 250 Jobs

July 7 (Reuters) - Polypipe Group PLC:

* POLYPIPE GRP PLC - COVID-19 UPDATE

* POLYPIPE GROUP PLC - ARE ENTERING A CONSULTATION PERIOD WITH OUR EMPLOYEES TO REVIEW THESE STEPS

* POLYPIPE GROUP PLC - COULD LEAD TO LOSS OF APPROXIMATELY 250 JOBS OR 8% OF WORKFORCE

* POLYPIPE GROUP PLC - THERE IS NO PLANNED PERMANENT CLOSURE OF ANY FACILITY

* POLYPIPE GROUP PLC - JUNE 2020 REVENUE SOME 30% BELOW 2019 LEVELS COMPARED TO 66% BELOW IN APRIL 2020

* POLYPIPE GROUP PLC - JUNE 2020 REVENUE SOME 30% BELOW 2019 LEVELS COMPARED TO 66% BELOW IN APRIL 2020

* POLYPIPE GROUP PLC - CURRENTLY MANUFACTURING AT ALL MAIN SITES AT VARYING LEVELS OF CAPACITY UTILISATION

* POLYPIPE GROUP PLC - “TAKING REGRETTABLE BUT NECESSARY STEPS TO ADJUST OUR MANNING LEVELS AND COST BASE TO REFLECT THIS LEVEL OF DEMAND”

* POLYPIPE GROUP PLC - ARE ENTERING A CONSULTATION PERIOD WITH OUR EMPLOYEES TO REVIEW THESE STEPS

* POLYPIPE GROUP PLC - WILL LEAD TO LOSS OF APPROXIMATELY 250 JOBS OR 8% OF WORKFORCE

* POLYPIPE GROUP PLC - THERE IS NO PLANNED PERMANENT CLOSURE OF ANY FACILITY

* POLYPIPE GROUP PLC - REPORTED NET DEBT OF £184 MILLION ON 31 MARCH 2020 Source text for Eikon: Further company coverage:

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