The CEO of French building materials group Saint Gobain said in a newspaper interview that he will be cautious on acquisitions as uncertainty continues as to the effect of the global financial crisis….
The CEO of French building materials group Saint Gobain said in a newspaper interview that he will be cautious on acquisitions as uncertainty continues as to the effect of the global financial crisis. “The consequences of the financial crisis on the real economy are still hard to identify. That“s the reason why I will be cautious on acquisitions. The group“s financial strength is an asset we must protect”, Pierre-Andre de Chalendar told French daily Le Figaro. Mr. de Chalendar said he did not expect any improvement in the US building markets in 2008. “That is why we already implemented an ambitious restructuring plan to maintain profitability”, he said. Emerging countries should, however, offset weak business in the United States, he said. In Europe, Mr. de Chalendar said he expected a strong slowdown in Spain, stable business in the UK, improving growth in Germany, good activity in France and sustained growth in Scandinavia. He also said that French investment company Wendel, the group“s main shareholder backed Saint-Gobain“s strategy. Wendel said on 20 March 2008 that it had agreed terms for representation on the Saint-Gobain board.