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Saint-Gobain puts investment on hold

16 September 1998: Jean-Louis Beffa, chairman of French glass group Saint-Gobain, said that market uncertainty had prompted his group to put investment on hold for three months and to take a more caut…

16 September 1998: Jean-Louis Beffa, chairman of French glass group Saint-Gobain, said that market uncertainty had prompted his group to put investment on hold for three months and to take a more cautious stance on hiring new staff, according to a recent press report. “For Saint-Gobain, the situation is not serious because we are mainly based in the US and Europe. However, for the moment, it is our policy to wait three months with investment projects and remain prudent about hiring new people,” he recently told the press. “The international financial crisis is serious and certainly far from over. What is important today is to know whether Latin America will be impacted with the risk of a fall of the Brazilian currency,” he said. “The international crisis shows that nothing will be as before,” he said. “For Europe, it is essential to have a single currency. The Euro has an undisputed role as shock absorber even when it is the object of tension,” Beffa added.

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