Saint Gobain makes 1.5 billion euro recapitalisation

Saint Gobain, one of the world’s largest industrial and distribution groups which is listed on the stock exchanges of Paris, London, Frankfurt, Zurich, Brussels and Amsterdam and manufactures and distributes building products, plastics, glass sheets and packaging, has announced a 1.5 billion euro increase in capitalisation.

Saint Gobain is expecting a particularly difficult 2009 and in addition to recapitalisation will also be adopting supplementary measures to reduce costs by 600 million euro. The group’s chief executive Pierre-André de Chalendar talked of significant cuts in the workforce but without providing figures. A total of 11,000 jobs had already been shed in 2008 and 2007.