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Despite hefty gains, Oldcastle parent warns of layoffs

Post Time:Nov 12,2013Classify:Industry NewsView:55

Officials at Dublin’s building materials giant CRH PLC, parent of Oldcastle Glass, Santa Monica, Calif., announced March 4 that the company saw an 18 percent rise in full-year profit. CRH reported $2.17 billion in profit compared to $1.84 billion the year before. Despite the housing market slowdown in the U.S., which accounts for 45 percent of the company’s sales, CRH projects even higher profits in 2008. Read the release here. Bleak U.S. market conditions led to about 1,000 job cuts in 2007, and officials say more layoffs are likely in 2008, if conditions continue, according to a March 4 articlefrom Ireland’s Business World. “The very tough conditions in the residential market are likely to continue throughout 2008. If there is a further softening, or if the U.S. goes into recession, then we will have to respond to these market conditions and make a further adjustment to the cost base,” said CRH finance director Myles Lee, according to the article. For 2007, CRH’s U.S. distribution business saw operating profits fall 33 percent and the products division slipped 35 percent. However, the materials division offset declines with a 95 percent increase in operating profits, helped by new acquisitions. Share this article:

Source: http://www.glassmagazine.com/news-item/commercial/despite-hefty-gains-oldcastle-parent-warns-layoffsAuthor:

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