Compagnie de Saint-Gobain SA will slow down the pace of acquisitions in the 2H 2008, chief executive Pierre-Andre de Chalendar said 25 July 2008 in an interview on French news radio station BFM.
Mr. …
Compagnie de Saint-Gobain SA will slow down the pace of acquisitions in the 2H 2008, chief executive Pierre-Andre de Chalendar said 25 July 2008 in an interview on French news radio station BFM. Mr. de Chalendar said the company will focus more on organic growth in the 2H 2008 than in the 1H. Earnings for the 1H were “slightly above expectations”, the CEO said, but he noted that the global economic situation was worsening and that 2009 would be a “difficult year”. Mr. de Chalendar said that the “positive dynamic” trend of Saint-Gobain“s activities would not fully offset the global economic slowdown, especially the slowdown in the construction sectors in the UK and Spain. He added that Saint-Gobain“s targets for 2010, stated in 2007 and including a target of 5% average organic growth a year until 2010, would be “more difficult to reach”, but he still expects a rebound in 2010. Mr. de Chalendar added that he saw no reason to lower Saint-Gobain“s dividend.