March 23, 2020 / 7:19 AM / 7 days ago

Construction materials group St Gobain scraps 2020 outlook

PARIS, March 23 (Reuters) - French construction materials group St Gobain 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. (Reporting by Sudip Kar-Gupta; editing by Jason Neely)

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