March 27, 2020 / 6:12 AM / 9 days ago

Lafargeholcim slashes spending, does not plan layoffs for now

ZURICH, March 27 (Reuters) - LafargeHolcim said it was not planning any job cuts as the world’s biggest cement maker ditched its profit forecast for 2020 and announced spending cuts to counter the downturn in construction caused by coronavirus.

The Swiss company said it was trimming capital expenditure by at least 400 million Swiss francs ($416.49 million) compared to 2019, and also reducing fixed costs by at least 300 million francs.

“There are no job cuts planned for now,” a company spokesman said. ($1 = 0.9604 Swiss francs) (Reporting by Oliver Hirt and John Revill, editing by John Miller)

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