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Forterra warns 225 jobs face axe amid restructuring as sales slump

By BFN News | 07:59 AM | Wednesday 03 June, 2020


Masonry products maker Forterra said it was taking steps to restructure the business amid weaker demand that could lead to 225 job cuts as revenue slumped 39% in the five months through May on-year. The actions would mostly lead to job losses from the company's concrete products facilities. The sales plunge in the five months through May, was paced by an 86% and 62% slump in sales in March and April respectively. Daily despatches of the company's brick & block products had now recovered to approximately 50% of corresponding 2019 levels as its customers gradually reopened their operations. 'Despite the economic circumstances created by Covid-19, the Board remains confident that the Group is well positioned to take advantage of the attractive long-term market fundamentals in order to continue delivering sustainable shareholder value,' Fonterra said. Story provided by StockMarketWire.com

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