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Saint-Gobain CEO: Worrying Drop In New Construction In Europe

Post Time:Dec 02,2008Classify:Company NewsView:379

Construction materials group Compagnie de Saint-Gobain SA's (12500.FR) Chief Executive Pierre Andre Chalendar said Monday he has seen a "worrying" drop in new construction in Europe and expects the fourth quarter to be more difficult for the auto and construction sectors at home.
 
Speaking on BFM radio, Chalendar said the company fared better in France over the third quarter than in other countries but that the fourth quarter "will be more difficult for everything linked to the auto sector as automobile constructors reduce their production." He added that in the domestic construction sector, "we are starting to experience a real slowdown."

Chalendar also repeated the company sees the European Commission's November decision to fine the company EUR896 million in a car-glass producers cartel case as "disproportionate and exaggerated." The company has not launched an appeal, however, because it has not yet officially received the decision, he added.

Source: Dowjones Business NewsAuthor: shangyi

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