Brief: Leoni Expects Substantial Burdens From Coronavirus Pandemic

Leoni AG

23/03/2020 08:34

March 23 (Reuters) - LEONI AG  LEOGn.DE :
    * LEONI EXPECTS SUBSTANTIAL BURDENS FROM THE CORONAVIRUS
PANDEMIC
AND DECIDES ON MEASURES TO ENSURE THE CONTINUATION OF BUSINESS
OPERATIONS
    * EXPECTS CONSIDERABLE BURDENS ON SALES, EARNINGS AND
LIQUIDITY
DUE TO CORONAVIRUS
    * LEVEL OF THIS IMPACT IS NOT FORESEEABLE AT THIS STAGE
    * PLANS TO APPLY FOR FINANCIAL AID TO INCREASE ITS FINANCIAL
FLEXIBILITY
    * BOARD OF DIRECTORS TODAY HAS DECIDED ON A NUMBER OF
MEASURES TO
ENSURE CONTINUATION OF BUSINESS OPERATIONS
    * MEASURES INCLUDE PLANT CLOSURES IN EUROPE, NORTH AFRICA
AND
SHORT-TIME WORK IN GERMANY AS WELL AS COMPARABLE MEASURES AT
FURTHER EUROPEAN LOCATIONS
    * IMPLEMENTATION OF THESE MEASURES WILL SIGNIFICANTLY REDUCE
MATERIAL AND PERSONNEL COSTS
    * ALSO EXPECTS AUTOMOTIVE BUSINESS OF WIRE & CABLE SOLUTIONS
DIVISION TO SUFFER SUBSEQUENT DECLINES AND PRODUCTION
LIMITATIONS
    * PRODUCTION FOR INDUSTRIAL BUSINESS OF WIRE & CABLES
DIVISION
WILL BE MAINTAINED, ALTHOUGH SOME LOSSES ARE TO BE EXPECTED

Source text for Eikon:  ID:nEQc94BGra 
Further company coverage:  LEOGn.DE 

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