LafargeHolcim Launches Plan to Safeguard Business; Withdraws 2020 Guidance

   By Giulia Petroni

LafargeHolcim Ltd. said Friday that it has launched a plan to mitigate the financial impact of the coronavirus pandemic on its business, and that it has withdrawn its guidance for 2020.

"While demand in the first quarter was solid overall, LafargeHolcim expects a significant negative impact on its business in the second quarter," the Swiss cement maker said.

LafargeHolcim said the plan consists of reducing capital expenditure by at least 400 million Swiss francs ($412.6 million) on year and fixed costs by at least CHF300 million in 2020.

The company said it would reduce net working capital, at least in line with the level of activity.

Lafarge said it is experiencing operation disruptions in various countries and it isn't able to fully assess the impact of the crisis on its 2020 performance. For these reasons, the company withdrew its guidance for the current year.

The proposal of a cash dividend of CHF2 per registered share for 2019 was confirmed, subject to the approval of shareholders at the next annual general meeting on May 12.

LafargeHolcim said it would provide an update on April 30.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

March 27, 2020 02:40 ET (06:40 GMT)

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