May 20, 2019 / 6:26 AM / a month ago

Low & Bonar top boss to leave as trade war dents sales

May 20 (Reuters) - Low & Bonar said on Monday Chief Executive Officer Philip de Klerk would leave the company in July, as it warned that the ongoing U.S.-China trade war had created significant uncertainty and hurt sales.

“The board has decided that a change of leadership is required to accelerate delivery of the transformation programme initiated in late 2018,” the supplier of polymer-based products for construction and automobiles sectors said in a statement.

Low & Bonar also flagged ongoing softness in the European automotive market and said that first-half performance would be materially behind that of the prior half year and lowered its expectations of full-year performance. (Reporting by Noor Zainab Hussain in Bengaluru; editing by Gopakumar Warrier)

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