Plastic Omnium: gears up for Covid-19
(CercleFinance.com) - On Tuesday morning Plastic Omnium has announced that it is doing everything possible to protect its 32,000 employees, ensure the continuity of its activities and preserve the strength of its financial structure.
At all its sites, worldwide, Plastic Omnium has implemented systematic measures to avoid contact between employees and reduce risks of contamination.
The group has therefore been forced to close production centres. Since mid-March, the Group's European plants have been gradually shut down, following announcements of plant closures by car manufacturers. These closures were first made in France and Spain and have been gradually extended to all European sites, which will be closed by the middle of this week, for minimum periods that manufacturers have announced will be between two weeks and one month.
Over the past few months the group has also set up "an extremely efficient organizational system several months ago with a view to cutting costs, controlling investments, optimizing working capital requirement, and protecting all means to generate cash".
This organizational system is now allowing the Group to act very quickly in order to strengthen these measures: - All non-essential spending commitments are suspended with the application of this decision being strictly controlled;
"The group will provide an update on its situation when releasing its Q1 sales, on April 21, 2020, once we have a better outlook on the automotive market evolution, management said.
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